Gold loses Rs 225, silver sheds Rs 1,100 on weak Asian cues
Gold prices remained under pressure for the third straight day in the bullion market here and lost Rs 255 to Rs 26,565 per 10 grams on sustained selling by stockists in tandem with a weakening trend in Asia.business Updated: Oct 20, 2011 15:35 IST
Gold prices remained under pressure for the third straight day in the bullion market here and lost Rs 255 to Rs 26,565 per 10 grams on sustained selling by stockists in tandem with a weakening trend in Asia.
Silver also plunged by Rs 1,100 to Rs 52,200 per kg on reduced offtake by industrial units and speculators at prevailing high levels. The metal had gained Rs 500 on Wednesday.
In Singapore, gold shed 1.9% to $1,610.13 an ounce, its lowest level since October 5, following reports that France and Germany were divided on the ways to boost Europe's rescue fund, raising concerns that the debt crisis will persist, traders said.
In addition, retail customers refrained from buying for the ongoing festival season due to high prices and expectations of fall in rates which further dampened the trading sentiment.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs 255 each to Rs 26,565 and Rs 26,425 per 10 grams, respectively. The metal had lost Rs 370 in the last two trading sessions.
Sovereigns held steady at Rs 21,950 per piece of eight grams on limited deals.
Silver ready tumbled by Rs 1,100 to Rs 52,200 per kg and weekly-based delivery by Rs 970 to Rs 51,780 per kg, respectively.
Silver coins followed suit and lost Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.