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| Gold falls on weak global cues | |
| Press Trust Of India / New Delhi January 06, 2009, 0:51 IST | |
Gold extended last week’s losses by falling Rs 60 to Rs 13,465 per 10 gm in the national capital On Monday on increased selling by stockists amid weakening trend in global markets.
Silver remained undulated at Rs 18,500 a kg.
Trading sentiment turned weak in gold after reports that metal prices dropped for a third day as dollar extended gains, reducing the appeal of the precious metal as an alternate investment.
Marketmen said increased selling by stockists in tandem with weakening trend in global markets mainly led to fall in gold prices. They said end of marriage and festivals season was another weakening factor for the gold and silver.
Some investors have shifted their funds from melting gold to rising equity for quick gains, they added. Standard gold and ornaments lost Rs 60 each at Rs 13,465 and Rs 13,315 per 10 gm respectively, while sovereign held steady at Rs 10,750 per piece of 8 gm.
Silver ready ruled flat at Rs 18,500 a kg but silver weekly-based delivery declined by Rs 90 to Rs 18,555 a kg on speculators selling.Silver coins remained flat at Rs 27,100 for buying and Rs 27,200 for selling of 100 pieces.
International gold fell nearly 3 per cent on Monday as the dollar strengthened to a three-week high against the euro, denting the precious metal’s appeal as a currency hedge, and oil prices gave up earlier gains. Spot gold fell to a session low of $850.20 an ounce, and was quoted at $854.60 at 1221 GMT, against $873.20 in New York late on Friday. Silver tracked gold lower, falling 5 per cent to $10.95. US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange slipped 3 per cent to $850.00 an ounce in after-hours trading.
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