Quick view: Gold falls by Rs 60 on selling by stockists, weak global cues

Updated: Mar 5 2014, 11:14am hrs
Gold dipped Rs 60 to Rs 31,240 per 10 grams in the national capital as stockists sold amid a weak global trend. Silver also lost Rs 570 to Rs 47,330 per kg on reduced offtake by jewellers and industrial units. Traders said selling by stockists after the metal declined from an over-four-month high reduced demand for the precious metal as a safe haven. Gold in Singapore, which sets the price trend on the domestic front, fell 1% to $1,336.59 an ounce and silver by 0.8% to $21.24 an ounce. They said investors shifting funds from bullion to rising equities also influenced the sentiment. On the domestic front, gold of 99.9% and 99.5% purity declined by R60 each to R31,240 and R31,040 per 10 grams, respectively. It had gained R200 yesterday.

NMDC keeps March iron ore prices unchanged State-run iron ore miner NMDC has kept prices for both lump and fines unchanged for March, with global rates falling to their lowest in the last eight months. "Iron ore prices for both lump and fines have been kept unchanged for March," a senior NMDC official said. The country's largest iron ore producer reviews prices of the raw material for steel-making every month, mainly considering two factors domestic demand and international prices. While domestic demand is in tact, international prices have plummeted to their lowest in eight months to $117-118 per tonne, primarily on subdued Chinese demand.