Press Trust of India / New Delhi Mar 06, 2010, 15:03 IST
Gold weakened for the third straight day today shedding Rs 45 to Rs 17,140 per ten grams on the bullion market here on weak demand.
Standard gold and ornaments fell by Rs 45 each to Rs 17,140 and Rs 16,990 per ten grams, respectively, while sovereign remained flat at Rs 14,050 per eight-gram piece.
However, silver ready recovered by Rs 140 to Rs 27,140 per kg due to higher offtake by industrial units, while weekly-based delivery traded higher by the same margin at Rs 27,040 per kg.
Silver coins also gained Rs 100 at Rs 33,500 for buying and Rs 33,600 for selling of 100 pieces.
Gold is a precious commodity and has universal demand.It is not only of ornamental use but also industrial uses.Nowadays Central banks of various countries are preferring this type of investment for their reserves and thus have become bulk buyers, who do not sell for small short term gains but wait for very long term.It is one of the best ways of investment if stored in pure form. Self Idle money can be diverted for the purchases and stored properly.Speculation in any commodity is dangerous, and even an expert also cannot predict properly because of globalization and universal demands.Minor deviations in prices is no cause for worry.
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