Gold falls by Rs 115 on reduced offtake
Gold prices fell for the third day today losing Rs 115 to trade at Rs 19,125 per ten gram in the bullion market here on sustained selling by stockists at existing higher levels amid fall in demand.business Updated: Sep 11, 2010 14:49 IST
Gold prices fell for the third dayon Saturday losing Rs 115 to trade at Rs 19,125 per ten gram in the bullion market in New Delhi on sustained selling by stockists at existing higher levels amid fall in demand.
Silver also fell by Rs 250 to Rs 31,450 per kg on reduced offtake by industrial units and coin makers.
Marketmen said sustained selling by stockists at existing higher levels mainly led to fall in gold prices.
They said that retail customers postponed buying in anticipation of more fall in gold prices, which also influenced the trading sentiment.
Gold of 99.9 and 99.5 per cent purity fell by Rs 115 each to Rs 19,125 and Rs 19,025 per ten gram, respectively. The metal had lost Rs 230 in the previous two trading sessions. Sovereign lost Rs 50 to 14,950 per piece of eight gram.
Silver ready and weekly-based delivery remained under selling pressure and fell by Rs 250 and Rs 140 to Rs 31,450 and Rs 31,235 per kg respectively.
However, silver coins continued to trade around previous levels of Rs 35,000 for buying and Rs 35,100 for selling of 100 pieces in restricted deals.