Gold continues to slide, loses Rs 190 to Rs 18,560 per 10g
Gold prices fell by Rs 190 to Rs 18,560 per ten grams in the national capital today on heavy selling by stockists, triggered by a weakening global trend.business Updated: Jul 07, 2010 16:26 IST
Gold prices fell by Rs 190 to Rs 18,560 per ten grams in the national capital today on heavy selling by stockists, triggered by a weakening global trend.
The trading sentiment for the yellow metal continues to remain bearish, with gold steadily losing value in global markets. The dollar's strength has also sapped the appeal of the metal as an investment option.
Gold in overseas markets, which normally sets the price trend on the domestic front, fell by $4.30 to $1,189.80 an ounce today.
Marketmen said sustained selling by stockists in tandem with the weakening trend in international markets mainly weighed on the trading sentiment here. They highlighted the fact that even demand for the ongoing marriage season failed to check the falling prices.
Gold of 99.9 per cent purity and gold of 99.5 per cent purity tumbled by Rs 190 each to Rs 18,560 and Rs 18,460 per ten grams respectively. The prices had fallen by Rs 50 in the previous session.
However, sovereigns found selective buying and added Rs 75 to Rs 14,675 per piece of eight grams.
In line with the general weakening trend, silver ready fell by Rs 100 to Rs 28,900 per kg on reduced offtake by industrial units and coin-manufacturers. Weekly-based silver delivery also slid by Rs 35 to Rs 28,675 per kg.
Silver coins also lost Rs 100 to Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.