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Rediff.com  » Business » Gold falls for fifth-day on weak demand, global cues

Gold falls for fifth-day on weak demand, global cues

Last updated on: September 16, 2013 18:10 IST

BulliongraphicContinuing its losing streak for the fifth straight session, gold prices fell by Rs 200 to Rs 30,100 per ten grams in the national capital on Monday on sustained selling by stockists amid a weak global trend.

Silver also dropped by Rs 1,220 to Rs 49,530 per kg on poor offtake by industrial units and coin makers.

Sentiment remained bearish as gold fell in global markets after the US and Russia agreed on a plan to destroy Syria’s chemical weapons, diminishing demand for the precious metal, traders said.

Gold in London, which normally set price trend on the domestic front, declined 0.5 per cent to $1,320.21 an ounce.

They said sluggish demand and a falling trend at futures market where speculators trimmed their positions further fuelled the downtrend in the precious metal.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 30,100 and Rs 29,900 per ten grams, respectively.

It had lost Rs 1,070 in last four sessions.

Sovereign, however, held steady at Rs 25,000 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready dropped by Rs 1,220 to Rs 49,530 per kg and weekly-based delivery by Rs 1,450 to Rs 49,050 per kg.

The white metal had gained Rs 450 in the previous session.

Silver coins too plunged by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.

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