Gold down as investors shift to St

MUMBAI: Gold rally ended abruptly at the local bullion market on Wednesday, even while it gained in the global market, as stockists sold a part of their holdings to park their funds in surging stock markets. The other precious metal, silver also lost sheen on lack of enquiries from industrial users. Thus the local market failed to move along with international markets, where prices of both the precious metals surged on the back of sliding dollar.

Turning to local markets, standard gold (99.5) slipped by Rs 60 per 10 gm at Rs 8,735 in Delhi, followed by a drop of Rs 50 at Rs 8,765 per 10 gm in Kolkata. In Chennai, gold for immediate delivery lost Rs 50 at Rs 8,650 per 10 gm, while in Mumbai the metal closed Rs 45 lower at Rs 8,615. Pure gold (99.9) also fell by same margin to Rs 8,665 per 10 gm in Mumbai. In silver, Kolkata lost the most where ready silver (.999) melted by Rs 100 per kg at Rs 17,200 followed by a loss of Rs 90 at Rs 17,460. In Delhi, the metal shed Rs 50 before closing at Rs 17,250 and in Chennai, it closed Rs 30 lower at
Rs 17,085 per kg.