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Gold falls on lack of buying support

Gold declined by Rs 80 at Rs 13,620 per 10 gram in the national capital today on lack of buying support amid weakening trend in global markets.

business Updated: Jan 22, 2009 16:31 IST

Gold declined by Rs 80 at Rs 13,620 per 10 gram in the national capital today on lack of buying support amid weakening trend in global markets.

Silver also lost Rs 170 at Rs 18,500 per kg.

Trading sentiment also turned bearish following a fall in precious metal prices in overseas markets as firming dollar eroded demand for bullion as better investment option.

Marketmen said the global markets, which normally set price trend in domestic markets here, revealed a weak trend as dollar-priced metal quoted lower.

They said revival of buying in surging equity markets shifted funds to stocks from bullion for quick gains.

The demand remained sluggish as wedding season buyers awaited price decline as the yellow metal breached Rs 13,000 level late last week and since is continuing above it, they added.

Standard gold and ornaments, which gained by Rs 380 each in previous trading session, fell by Rs 80 at Rs 13,620 and Rs 13,470 per 10 gram respectively.

Sovereign, on the other hand, remained in demand among retail investors and added further Rs 25 at Rs 10,800 per piece of eight gram.

Silver ready dropped by Rs 170 at Rs 18,500 per kg and weekly-based delivery by Rs 125 at Rs 18,525 per kg. Silver coins lost Rs 100 at Rs 27,000 for buying and Rs 27,100 for selling of 100 pieces.