praveen
06-12-2007, 08:29 PM
The gold prices fell by a hefty Rs 145 to Rs 10,255 per 10 gram in the bullion market here today with stockists resorting to selling amidst reports of weakening global trends.
Just a day before, the rates had improved by Rs 140 per 10 gram following a boost in retail demand in view of the ongoing marriage season.
Standard gold and ornaments dropped by Rs 145 each at Rs 10,255 and Rs 10,105 per 10 gram respectively. Sovereign however remained unaltered at Rs 8,600 per piece of eight gram.
Silver ready also lost Rs 200 at Rs 18,800 per kilo and weekly-based delivery by Rs 100 at Rs 19,010 per kilo. Silver coins fell by Rs 100 to Rs 25,000 for buying and Rs 25,100 for selling of 100 pieces.
The gold prices declined in Asia on speculation that the dollar's advances against the euro will reduce the appeal of the precious metal as an alternative investment. The bullion fell 4.22 dollar to 790.92 dollar an ounce and silver declined 0.3 per cent to 14.24 dollar.
The US currency strengthened yesterday after reports showed job growth and factory orders quickened, thus reducing whatever chances of a half percentage point interest-rate cut by the Federal Reserve next week. It also diminished the attraction for dollar-denominated metal.
Just a day before, the rates had improved by Rs 140 per 10 gram following a boost in retail demand in view of the ongoing marriage season.
Standard gold and ornaments dropped by Rs 145 each at Rs 10,255 and Rs 10,105 per 10 gram respectively. Sovereign however remained unaltered at Rs 8,600 per piece of eight gram.
Silver ready also lost Rs 200 at Rs 18,800 per kilo and weekly-based delivery by Rs 100 at Rs 19,010 per kilo. Silver coins fell by Rs 100 to Rs 25,000 for buying and Rs 25,100 for selling of 100 pieces.
The gold prices declined in Asia on speculation that the dollar's advances against the euro will reduce the appeal of the precious metal as an alternative investment. The bullion fell 4.22 dollar to 790.92 dollar an ounce and silver declined 0.3 per cent to 14.24 dollar.
The US currency strengthened yesterday after reports showed job growth and factory orders quickened, thus reducing whatever chances of a half percentage point interest-rate cut by the Federal Reserve next week. It also diminished the attraction for dollar-denominated metal.