Gold maintains downward march on weak global cues
Gold maintained its losing streak for the fourth straight day by falling Rs 85 to Rs 18,500 per ten gram in the national capital today on sustained selling by stockists influenced by a weak global trend.business Updated: Jul 19, 2010 15:46 IST
Gold maintained its losing streak for the fourth straight day by falling Rs 85 to Rs 18,500 per ten gram in the national capital on Monday on sustained selling by stockists influenced by a weak global trend.
Trading sentiment remained bearish after gold extended the biggest fall in almost two weeks in global markets, as the dollar gained, curbing demand for the metal.
Marketmen said in addition to a weak trend in global markets, reduced offtake at existing higher levels also pulled down the precious metal prices.
The gold in global markets, which normally sets a price trend at the domestic front, declined by 0.2 per cent to $ 1,191.05 an ounce.
Gold with 99.99 purity and 99.5 purity remained under selling pressure and fell further by Rs 85 each to Rs 18,500 and Rs 18,400 per ten gram, respectively. They had lost Rs 155 in the previous three trading sessions.
Sovereign declined by Rs 50 to Rs 14,650 per piece of eight gram.
In line with the general weak trend, silver declined by Rs 60 to Rs 29,000 per kg and weekly-based delivery by Rs 45 to Rs 28,745 per kg. They ended lower by Rs 315 and Rs 370 in previous trade.
Meanwhile, silver coins continued to be asked around their previous level of Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces.