Gold falls further on weak overseas trend
Gold extended previous week's losses by losing another Rs 95 at Rs 8,685 per ten gram on the bullion market on Monday on lack of buying support influenced by weak overseas trend.
By PTI |
NEW DELHI: Gold extended previous week's losses by losing another Rs 95 at Rs 8,685 per ten gram on the bullion market on Monday on lack of buying support influenced by weak overseas trend.
The market remained in bearish mood in the absence of buying by stockists and jewellers due to off marriage and festival season amid weak overseas trend.
The prices in Asia fell as rising dollar reduced the appeal of the metal as an alternative investment. Silver also declined. It fell $9.41, or 1.6 per cent, $to 571.74 an ounce. Similar weakness was noticed in silver as it quoted lower at $10.01 an ounce, lower by 27 cents.
Marketmen said the overseas trend, which normally sets price band in domestic markets here was down by 22 per cent from a 26-year high of $730.40 on May 12, on concern rising interest rates would make the metal more expensive.
They said the demand fell by 16 per cent in the first quarter as prices at 25-year highs deterred purchases by jewellers, the biggest users of the precious metal, the producer-funded World Gold Council said last month.
Standard gold and ornaments gained Rs 95 each at Rs 8,685 and Rs 8,535 per ten gram respectively. Sovereign was unchanged at Rs 7,400 per piece of eight gram.
Silver ready was down by another Rs 200 at Rs 15,500 while weekly-based delivery gained Rs 135 at Rs 15,735 per kilo on emergence of buying by speculators. Silver coins held unchanged at Rs 20,300 for buying and Rs 20,400 for selling of 100 pieces.
The market remained in bearish mood in the absence of buying by stockists and jewellers due to off marriage and festival season amid weak overseas trend.
The prices in Asia fell as rising dollar reduced the appeal of the metal as an alternative investment. Silver also declined. It fell $9.41, or 1.6 per cent, $to 571.74 an ounce. Similar weakness was noticed in silver as it quoted lower at $10.01 an ounce, lower by 27 cents.
Marketmen said the overseas trend, which normally sets price band in domestic markets here was down by 22 per cent from a 26-year high of $730.40 on May 12, on concern rising interest rates would make the metal more expensive.
They said the demand fell by 16 per cent in the first quarter as prices at 25-year highs deterred purchases by jewellers, the biggest users of the precious metal, the producer-funded World Gold Council said last month.
Standard gold and ornaments gained Rs 95 each at Rs 8,685 and Rs 8,535 per ten gram respectively. Sovereign was unchanged at Rs 7,400 per piece of eight gram.
ADVERTISEMENT
Silver ready was down by another Rs 200 at Rs 15,500 while weekly-based delivery gained Rs 135 at Rs 15,735 per kilo on emergence of buying by speculators. Silver coins held unchanged at Rs 20,300 for buying and Rs 20,400 for selling of 100 pieces.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
