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Gold loses Rs 50, silver ends flats

Source : PTI
Last Updated: Wed, Nov 21, 2012 09:24 hrs
A woman looks at a gold necklace at a jewellery shop in Agartala

New Delhi: Snapping a three-day gaining streak, gold fell by Rs 50 to Rs 32,400 per 10 grams in the bullion market here on Wednesday on profit-selling amid a weak global trend, while silver prices held steady on restricted buying.

Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.

In Singapore, gold fell by 0.4 per cent to USD 1,720.85 an ounce.

Restricted buying from industrial units and coin makers kept silver steady, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 32,400 and Rs 32,200 per 10 grams, respectively. Gold gained Rs 450 in last two sessions.

Sovereign held steady at Rs 25,550 per piece of eight grams in limited deals.

Silver ready held steady at Rs 62,000 per kg, while weekly-based delivery shed Rs 40 at Rs 61,675 per kg on lack of buying support from speculators.

Silver coins plunged by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.




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