Gold prices dip to touch two-week low on weak global cues

Last Updated: Fri, Mar 08, 2013 10:34 hrs

Gold prices dipped to two-week low by falling Rs 200 to Rs 29,850 per 10 gm in the national capital on Friday on stockists selling, triggered by a weak global trend.

Silver followed suit and dropped by Rs 360 to Rs 54,960 per kg on reduced offtake by industrial units and coin makers.

Traders said stockists selling in tandem with a weak global trend where gold fell before a report that is forecast to show the US labor market improved, damping expectations for further stimulus and boosting the dollar, dampened the sentiment.

In Singapore, which normally set price trend on the domestic front, gold lost 0.2 per cent to USD 1,576.35 an ounce and silver slid 0.4 per cent to USD 28.80 an ounce.

Besides, rising equity attracted investor to parked their funds for quick gains was another factors behind fall in gold.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 200 each to Rs 29,850 and Rs 29,650 per ten grams, respectively, a level last seen on February 22. Sovereign declined by Rs 50 to Rs 25,250 per piece of eight gram.

In a similar fashion, silver ready dropped by Rs 360 to Rs 54,960 per kg and weekly-based delivery by Rs 575 to Rs 54,565 per kg. Silver coins also tumbled by Rs 2000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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