Gold remains weak on sustained selling, global cues

Continuing its slide, gold prices fell by another Rs 140 to Rs 28,060 per ten gram in the national capital on Tuesday on increased selling by stockists, tracking a weak trend overseas.

Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.

Traders said sustained selling by stockists, taking weak cues from the global market where gold retreated from a three- month high, mainly kept pressure on gold prices here.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2 per cent to USD 1,316.80 an ounce.

Besides, appreciating rupee against the dollar, which makes imports cheaper, influenced the sentiment, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity dropped further by Rs 140 to Rs 28,060 and Rs 27,860 per ten gram respectively. It had lost Rs 200 in last two days.

Sovereign followed suit and lost Rs 100 at Rs 24,800 per piece of eight gram.

On the other hand, silver ready held steady at Rs 44,900 per kg, while weekly-based delivery traded marginally higher by Rs 15 to Rs 44,725 per kg.

Silver coins, however, remained steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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