Gold tumbles on global cues; silver ends lower

Besides, subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices, traders said.
    
Silver also declined by Rs 200 to Rs 45,200 per kg on weak demand from industrial units and coin makers. Sentiment turned weak after gold declined in overseas as the dollar strengthened and equities advanced, reducing appeal of precious metals as an alternative investment, they said.
   
Gold in Singapore, which normally sets price trend on the domestic front, fell 0.5 percent to USD 1,305.40 an ounce and silver by 0.2 percent to USD 20.88 an ounce.
   
In Delhi, gold of 99.9 and 99.5 percent purity lost Rs 275 each at Rs 28,200 and Rs 28,000 per ten gram respectively, while sovereign eased by Rs 100 at Rs 24,800 per piece of eight gram.
   
In a similar fashion, silver ready traded lower by Rs 200 to Rs 45,200 per kg and weekly-based delivery by Rs 175 to Rs 44,910 per kg. Silver coins also dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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Gold snaps two-day falling trend, up by Rs 250 on global cues

Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.

Marketmen said apart from firming trend overseas, emergence of buying by jewellers and retailers to meet the upcoming festive season demand mainly attributed recovery in precious metal prices.

Gold in New York, which normally sets the price trend on the domestic front, rose by one per cent to USD 1,305.30 an ounce, a biggest gain since July 17 and silver by 1.1 per cent to USD 20.63 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity shot up by Rs 250 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. It had lost Rs 260 in last two days.

Sovereigns followed suit and recovered by Rs 200 to Rs 24,900 per piece of eight grams.

In a similar fashion, silver ready recovered by Rs 400 to Rs 44,800 per kg and weekly-based delivery by Rs 265 to Rs 44,280 per kg. The white metal had lost Rs 1,000 in the previous two sessions.

Silver coins, however, held steady at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

Source: Gold Rate Today

Gold falls on weak global cues; silver ends lower

Silver also dropped by Rs 400 to Rs 45,000 per kg on reduced offtake by industrial units and coin makers.

Traders said selling by stockists amid a weak global trend as a rally in equities dampened demand for an alternative investment amid concern that physical consumption is faltering mainly influenced the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7 per cent to USD 1,294.98 an ounce, the lowest since July 16 and silver by 0.6 per cent to USD 20.79 an ounce.

Besides, sluggish domestic demand from jewellers at prevailing levels dampened the sentiment.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 28,200 and Rs 28,000 per 10 grams, respectively. It had gained Rs 160 yesterday.

Sovereign, however, held steady at Rs 24,900 per piece of eight grams.

In a similar fashion, silver ready declined by Rs 400 to Rs 45,000 per kg and weekly-based delivery by Rs 460 to Rs 44,635 per kg. It had gained Rs 200 in the previous session.

On the other hand, silver coins ruled steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

Source: Gold Price Today