Gold snaps 3-day uptrend; falls Rs 125 to Rs 31,600 per 10 gms
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Gold snaps 3-day uptrend; falls Rs 125 to Rs 31,600 per 10 gms

Last Updated: Saturday, October 20, 2012, 15:09
 
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Gold snaps 3-day uptrend; falls Rs 125 to Rs 31,600 per 10 gms
New Delhi: Snapping a three day rising streak, both gold and silver fell on Saturday in the national capital due to stockists selling at prevailing higher levels amid a weak global trend.

While gold fell by Rs 125 to Rs 31,600 per 10 grams, silver lost Rs 780 to Rs 59,820 per kg owing to reduced offtake by retailers and industrial units amid a weak global trend.

The sentiment turned bearish as domestic demand dried up at prevailing higher levels, traders said.

They said weak global trend where gold slumped to a six- week low as signs of slowing growth in China dimmed the outlook for commodities demand, also dampened the sentiment.

In New York, gold fell by 1.2 percent to USD 1,724 an ounce, after touching USD 1,716, the lowest since September 7 and silver slid 2.3 percent to USD 32.09 an ounce.

On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 125 each to Rs 31,600 and Rs 31,400 per 10 grams, respectively. The metal had gained Rs 465 in last three sessions. Sovereigns remained steady at Rs 25,450 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs 780 to Rs 59,820 per kg and weekly-based delivery by Rs 770 to Rs 59,820 per kg. The white metal had gained Rs 670 in the previous three sessions.

Silver coins, too, plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces on poor demand at prevailing higher levels.

PTI




First Published: Saturday, October 20, 2012, 15:09


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