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Gold slips below Rs 31k level on stockists selling,global cues

Source : PTI
Last Updated: Tue, Feb 12, 2013 09:37 hrs
Gold jewellery is on display at a jewellery showroom in Kolkata

Gold prices today lost Rs 210 to slip below the psychological Rs 31,000-mark at Rs 30,790 per 10 grams here on heavy selling by stockists, triggered by a weak overseas markets.

Silver followed suit and dropped by Rs 1,015 to Rs 57,850 per kg on poor offtake by industrial units and coin makers.

The trading sentiment turned bearish after gold fell in global markets to a lowest in more than a month as strong dollar reduced demand for the metal as an alternate investment.

In Singapore, gold fell 0.3 per cent to USD 1,642.90 an ounce, the cheapest since January 4 and silver by 0.7 per cent to USD 30.73 an ounce, its lowest level since January 28.

In addition, investors seen shifting their funds from weakening bullion to rising equity and retail customer refrained from purchasing on expectations of a more corrections also had negative impact on the sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 210 each to Rs 30,790 and Rs 30,590 per 10 grams, respectively.

However, sovereigns remained steady at Rs 25,350 per piece of eight grams in limited deals.

In line with a weak general trend, silver ready dropped by Rs 1,015 to Rs 57,850 per kg and weekly-based delivery by Rs 810 to Rs 57,500 per kg. Silver coins too plunged by Rs 2,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.




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