Gold continues to lose shine, silver dips below Rs 44,000

Gold continues to lose shine, silver dips below Rs 44,000 Zee Media Bureau

New Delhi: Gold prices continued their losing streak by falling over Rs 270 per ten grams in futures trade Wednesday as participants continued to cut their positions, tracking a weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in June, declined further by Rs 274 to Rs 26,433 per ten grams as against its previous close of Rs 26,707.

Similarly, silver for delivery in July dipped below Rs 44,000 level by declining Rs 766 to Rs 43,750 per kg compared to Rs 44,516 on Tuesday.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell for a fifth consecutive session today, their longest losing streak in over two months, as economic optimism, strengthening dollar and record high US equities dimmed its appeal as a so-called safe haven.

Spot gold last traded down USD 14.70 or 1.03 percent at USD 1,412.10 per ounce.

In New York, gold for June delivery on Tuesday fell by USD 9.80, or 0.7 percent, to settle at USD 1,424.50 an ounce on the Comex division of the NYMEX.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

With Agency Inputs