Precious metals ease on poor demand
Both the precious metals, gold and silver closed with moderate losses on the bullion market on Monday on increased supply against a fall in demand.
By PTI |
NEW DELHI: Both the precious metals, gold and silver closed with moderate losses on the bullion market on Monday on increased supply against a fall in demand.
Arrivals of heavy stocks to meet the ongoing festival demand - such as Janmashtmi, caused adequate stocks position while buying was limited.
On the other hand, silver coins remained in keen demand for the festival and recorded gains.
Marketmen said reduced offtake by retail customers and jewellery fabricators mainly influenced trading sentiment.
They said lower advices from global markets also had a negative impact on the market.
Gold in overseas markets, climbed to $674.66 an ounce in the previous session and was down 0.2 per cent at $671.93 an ounce.
Standard gold and ornaments declined by Rs 20 each at Rs 9,050 and Rs 8,900 per ten grams respectively. Sovereign, however, continued to be asked at previous levels of Rs 7,650 per piece of eight gram.
Silver ready also quoted lower by Rs 35 at Rs 16,750 a kilo on reduced offtake by consuming industries while silver's weekly-based delivery, on the other hand, found fresh support and marked ahead by Rs 20 at Rs 17,020 a kilo.
Silver coins also attracted brisk buying because of ongoing festivals and shot up by Rs.100 each to traded at Rs 23,500 for buying and Rs 23,600 for selling of 100 coins.
Arrivals of heavy stocks to meet the ongoing festival demand - such as Janmashtmi, caused adequate stocks position while buying was limited.
On the other hand, silver coins remained in keen demand for the festival and recorded gains.
Marketmen said reduced offtake by retail customers and jewellery fabricators mainly influenced trading sentiment.
They said lower advices from global markets also had a negative impact on the market.
Gold in overseas markets, climbed to $674.66 an ounce in the previous session and was down 0.2 per cent at $671.93 an ounce.
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Standard gold and ornaments declined by Rs 20 each at Rs 9,050 and Rs 8,900 per ten grams respectively. Sovereign, however, continued to be asked at previous levels of Rs 7,650 per piece of eight gram.
Silver ready also quoted lower by Rs 35 at Rs 16,750 a kilo on reduced offtake by consuming industries while silver's weekly-based delivery, on the other hand, found fresh support and marked ahead by Rs 20 at Rs 17,020 a kilo.
Silver coins also attracted brisk buying because of ongoing festivals and shot up by Rs.100 each to traded at Rs 23,500 for buying and Rs 23,600 for selling of 100 coins.
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