Gold falls by Rs 155 on global cues
The bullion market in New Delhi ended the year on a negative note as gold prices fell by Rs 155 to Rs 13,425 per 10 gram on selling by stockists.business Updated: Dec 31, 2008 16:48 IST
The bullion market in New Delhi ended the year on a negative note on Wednesday as gold prices fell by Rs 155 to Rs 13,425 per 10 gram on selling by stockists, triggered by weak global cues.
Steep fall in gold prices overseas on deepening recession and reduced offtake in the domestic markets due to off marriage season led to the fall in gold prices, marketmen said.
Besides, they said mounting tension in Europe, Japan and the US, reduced demand for jewellery and other retail items owing to Christmas and New Year holidays also led to the decline in prices.
The current fall was second in a row after losing Rs 145 per 10 gram in previous day's trading.
On December 29, gold prices surged to 11 week high levels by gaining Rs 260 to Rs 13,725 per 10 gram in the national capital.
The falling trend kept actual users and investors on the sidelines on expectations that the metal may fall further, they added.
In Asian market, gold was 0.8 per cent lower at 866.90 dollar an ounce, the most since October 10. Silver fell 0.5 per cent to 10.91 dollar an ounce.
Standard gold and ornaments remained under selling pressure and plunged further by Rs 155 each at Rs 13,425 and Rs 13,275 per 10 gram, respectively. Sovereign shed Rs 25 at Rs 10,700 per piece of eight gram.
Silver ready and weekly based delivery declined by Rs 50 each at Rs 17,900 each per kg. Silver coins, however, remained flat at Rs 27,000 for buying and Rs 27,100 for selling of 100 pieces.