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Rediff.com  » Business » No sparkle for gold in special Diwali trading

No sparkle for gold in special Diwali trading

November 13, 2012 18:29 IST
Snapping a seven-day long rising streak, gold prices fell by Rs 85 in special Diwali trading on Tuesday in the absence of any major buying activity amid a weak global trend.

While gold decline by Rs 85 to Rs 32,400 per 10 grams after gaining Rs 1,535 in last seven-sessions, silver lost 500 at Rs 61,600 per kg on reduced offtake.

Sentiment turned bearish in the absence of buying support as traders were in festive mood and opened their establishment only to perform Diwali puja, traders said.

They added that weak global trends on European finance ministers struggling to agree on Greek aid, strengthened the dollar and curbed bullion's appeal as alternative investment.

Gold in New York, which normally sets price trend on the domestic front, fell 0.2 per cent to $1,726.70 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 85 each to Rs 32,400 and Rs 32,200 per ten grams respectively, while sovereign shed Rs 50 at Rs 25,500 per piece of eight gram.

In line with a general weak trend, silver ready fell by Rs 500 to Rs 61,600 per kg and weekly-based delivery by Rs 1,075 to Rs 61,325 per kg.

Silver coins followed suit and plunged by Rs 2,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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Tags: New York