Gold sheds Rs 50, slips from record high on global cues | business | Hindustan Times
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Gold sheds Rs 50, slips from record high on global cues

business Updated: Sep 11, 2012 16:02 IST

PTI
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Gold prices fell from all-time high to Rs 32,450 per 10 grams, declining by Rs 50, in the bullion market in New Delhi on Tuesday on reduced offtake amid a weak trend in global markets.

Silver also lost Rs 300 to Rs 61,500 per kg on lack of buying support from industrial units and coin makers.

Traders said limited purchases of the yellow metal at record high levels by stockists and retailers and weak cues from overseas market put pressure on gold's prices.

In New York, gold fell by $10.50 dollar to $1,724.80 an ounce, while silver shed 1.01% to $33.34 an ounce.

On the domestic front, gold of 99.9 and 99.5% purity declined by Rs 50 each to Rs 32,450 and Rs 32,250 per 10 grams, respectively. The metal had climbed to an all-time high of Rs 32,500 on Monday.

Sovereign remained steady at Rs 25,500 per piece of eight grams in limited deals.

Silver ready fell by Rs 300 to Rs 61,500 per kg and weekly-based delivery by Rs 185 to Rs 64,045 per kg.

Silver coins continued to be asked around previous level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.