Gold dips on weak global cues, fresh selling

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Posted: Saturday, Feb 02, 2008 at 1512 hrs IST
Updated: Saturday, Feb 02, 2008 at 1529 hrs IST

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New Delhi, February 2:: Gold prices fell by Rs 200 to Rs 11,720 per 10 gram in the bullion market today on fresh selling by stockists, triggered by weak global cues.

Market sentiment turned bearish on reports that the yellow metal dipped by 14.50 dollars to 913.50 dollars an ounce on the New York Mercantile Exchange last night. Later, it slipped to 912.50 dollars an ounce, down 15.30 dollars, on the Chicago Board of Trade.

Marketmen said both gold and silver met with fresh resistance at higher level in line with weak global trend.

Standard gold and ornaments plunged by Rs 200 each to Rs 11,720 and Rs 11,570 per 10 grams respectively.

However, sovereign, ruled flat at Rs 9,400 per piece of eight gram in limited deals.

A similar trend was noticed in silver section as silver ready dropped by Rs 120 to Rs 20,780 per kg and weekly-based delivery by Rs 80 at Rs 21,500 per kg.

Silver coins, on the other hand, enquired around previous level of Rs 25,700 for buying and Rs 25,800 for selling of 100 coins.

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