RAMAKANTH
17-11-2007, 01:42 AM
Gold prices tumbled on the bullion market on stockists selling triggered by weakening global trend.
The precious metal influenced by the global cues closed with a hefty loss of Rs 265 at Rs 10,175 per ten gram.
With reports of a steep fall in gold prices in the US markets last night, selling pressure sparked and sent weak signals across Asian markets which opened for trading on Friday.
The brisk-buying for the ongoing marriage season also failed to lift prices as trading sentiment was dampened on global cues.
The gold futures for December delivery fell $20.90 to $793.80 an ounce in the US market last evening on speculations that Euro's rally against the dollar may stall, reducing the appeal of the precious metals as an alternative investment.
Silver also lost notably ground on selling by bullion merchants. Silver ready plunged by Rs 400 at Rs 19,000 per kilo and silver weekly-based delivery by Rs 520 at Rs 19,080 per kilo. Silver coins were also lower by Rs 300 at Rs 24,800 for buying and Rs 24,900 for selling of 100 pieces.
Standard gold and ornaments dropped by Rs 265 each at Rs 10,175 and Rs 10,025 per ten gram respectively. Sovereign also fell by Rs 25 at Rs 8,500 per piece of eight gram.
The precious metal influenced by the global cues closed with a hefty loss of Rs 265 at Rs 10,175 per ten gram.
With reports of a steep fall in gold prices in the US markets last night, selling pressure sparked and sent weak signals across Asian markets which opened for trading on Friday.
The brisk-buying for the ongoing marriage season also failed to lift prices as trading sentiment was dampened on global cues.
The gold futures for December delivery fell $20.90 to $793.80 an ounce in the US market last evening on speculations that Euro's rally against the dollar may stall, reducing the appeal of the precious metals as an alternative investment.
Silver also lost notably ground on selling by bullion merchants. Silver ready plunged by Rs 400 at Rs 19,000 per kilo and silver weekly-based delivery by Rs 520 at Rs 19,080 per kilo. Silver coins were also lower by Rs 300 at Rs 24,800 for buying and Rs 24,900 for selling of 100 pieces.
Standard gold and ornaments dropped by Rs 265 each at Rs 10,175 and Rs 10,025 per ten gram respectively. Sovereign also fell by Rs 25 at Rs 8,500 per piece of eight gram.