Gold plummets for the fifth day on weak global cues

Gold prices declined for the fifth straight day in the Capital on Tuesday, losing Rs 25 to Rs 18,475 per ten gram on increased selling by stockists, influenced by a similar trend in global markets.

Gold prices declined for the fifth straight day in the Capital on Tuesday, losing Rs 25 to Rs 18,475 per ten gram on increased selling by stockists, influenced by a similar trend in global markets.

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Trading sentiment remained weak on concerns that global economic recovery might slow down demand for the yellow metal.

Gold prices in global markets, which usually set the trend for the domestic markets, tumbled by $ 2 an ounce to trade at $ 1,182.10.

Traders said apart from weakening prices in overseas markets, increased selling by stockists here kept the prices low. They also said retail customers remained on the sidelines due to high prices amid off-marriage and festival season.

Gold with 99.99 purity and 99.5 purity remained weak and shed another Rs 25 each to Rs 18,475 and Rs 18,375 per ten gram respectively, while sovereign traded lower by a similar margin at Rs 14,625 per piece of eight gram.

Silver ready, in line with the general weak trend, fell further by Rs 100 to Rs 28,900 per kg and weekly-based delivery by Rs 125 to Rs 28,620 per kg. Silver coins also declined by Rs 100 to Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.