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Gold down by Rs 35 on weak demand, global cues

Source : PTI
Last Updated: Wed, Mar 06, 2013 10:41 hrs
A saleswoman arranges gold jewellery inside a showroom in Kolkata

Continuing a downward march for the third straight session, gold prices on Wednesday lost Rs 35 to Rs 30,010 per 10 grams here due to subdued demand from retailers amid a weak global trend.

Silver also declined by Rs 300 to Rs 55,150 per kg on reduced offtake by industrial units and coin makers.

Traders said besides subdued demand, weak global trend mainly kept pressure on gold prices for third straight day.

Rising equity market also lured investor to parked their funds for quick gains and reduced gold demand, they said.

Reduced offtake by industrial units and coin makers helped silver prices to surrendered fresh ground, they added.

In London, gold traded lower by 0.04 per cent to USD 1,574.70 an ounce and silver by 0.24 per cent to USD 28.63 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 35 each at Rs 30,010 and Rs 29,810 per 10 grams, respectively. It has lost Rs 135 in last two sessions. Sovereigns remained steady at Rs 25,300 per piece of eight grams in restricted buying.

In line with a general weak trend, silver ready fell by Rs 300 to Rs 55,150 per kg and weekly-based delivery by Rs 190 to Rs 54,860 per kg. The white metal had gained Rs 250 yesterday.

Silver coins followed suit and plunged by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.



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