Gold falls for fourth day on sustained selling, global cues

Apr 02 2014, 17:43 IST
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Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to USD 1,280.80 an ounce. (AP) Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to USD 1,280.80 an ounce. (AP)
SummaryGold fell for the fourth straight day as prices shed Rs 10 to Rs 29,250 per 10 grams in the national capital today on sustained selling by stockists against sluggish demand amid a weakening global trend.

Gold fell for the fourth straight day as prices shed Rs 10 to Rs 29,250 per 10 grams in the national capital today on sustained selling by stockists against sluggish demand amid a weakening global trend.

Silver also lost Rs 100 to Rs 43,400 per kg on lack of buying support from industrial units and coin makers.

Traders said sustained selling by stockists against sluggish demand amid a weakening global trend mainly led to decline in gold prices.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to USD 1,280.80 an ounce.

They said investors shifting funds from weakening bullion to climbing equities reduced the metal's demand.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 29,250 and Rs 29,050 per ten grams, respectively, after losing Rs 90 in last three days.

MH370

Steve Wang, a representative from the committee for relatives of Chinese passengers onboard the Malaysia Airlines MH370 talks to journalists after a closed door meeting with Malaysian officials via teleconference in Beijing, China. A Malaysian police investigation into the pilots of the missing Malaysian jet might turn up nothing, the force's chief said. while the head of the international search effort also acknowledged that an air hunt to spot wreckage on the surface of the southern Indian Ocean was not certain of success. The Chinese words on the t-shirts read 'Pray for MH370 safe return' (AP)

Also read: Malaysia Airlines Flight MH370: Nuclear submarine, Oscar-winning director Peter Jackson join hunt

Sovereign, however, held steady at Rs 24,900 per piece of eight grams.

Silver ready fell by Rs 100 to Rs 43,400 per kg while weekly-based delivery recovered by Rs 485 to Rs 42,640 per kg.

Silver coins also tumbled by Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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