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Gold down by Rs 20 on sustained selling, weak global cues

Source : PTI
Last Updated: Thu, May 23, 2013 09:44 hrs
Gold rush<br>

New Delhi: Gold prices on Thursday fell for the second straight session by losing Rs 20 to Rs 27,000 per 10 grams in the national capital due to sustained selling by stockists amid a weak global trend.

Silver also met with resistance at prevailing higher levels and lost Rs 300 at Rs 44,000 per kg. The white metal had gained Rs 2130 in the previous two session.

Traders said sustained selling by stockists against sluggish demand and a weak global trend mainly kept pressure on gold prices for the second straight day.

Gold in New York, which normally sets the price trend on the domestic front, fell by USD 6.30 to USD 1,369.70 an ounce and silver by 0.71 per cent to USD 22.27 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 20 to Rs 27,000 and Rs 26,800 per 10 grams, respectively. It had shed Rs 30 yesterday.

Sovereigns remained steady at Rs 23,700 per piece of eight grams in restricted buying activity.

In line with a general weak trend, silver ready declined by Rs 300 to Rs 44,000 per kg and weekly-based delivery by Rs 1,195 to Rs 43,170 per kg for want of support.

On the other hand, silver coins maintained steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.




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