Gold falls for third day on sustained selling, global cues

Jul 16 2014, 15:54 IST
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Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today. (Reuters) Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today. (Reuters)
SummaryGold in New York, which normally set price trend on the domestic front, fell by 0.7 per cent to $1,297.10 an ounce

Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.

Silver followed suit and lost Rs 400 to Rs 44,850 per kg.

Marketmen said continued selling by stockists, triggered by a weakening global trend where gold fell to a three-week low as strength in dollar reduced demand for the metal as an alternative investment, mainly kept pressure on gold prices.

Gold in New York, which normally set price trend on the domestic front, fell by 0.7 per cent to USD 1,297.10 an ounce after touching USD 1,292.60, the lowest since June 19. Silver also slid 0.1 per cent to USD 20.88 an ounce. It tumbled 2.5 per cent yesterday, the most since April 15.

Besides, shifting of funds from weakening bullion to rising equity markets, was another factor behind persistent fall in gold prices, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 155 each to Rs 28,175 and Rs 27,975 per ten gram respectively.

In line with overall trends, sovereign also shed Rs 100 to Rs 24,800 per piece of eight gram.

Silver ready traded lower by Rs 400 to Rs 44,850 per kg and weekly-based delivery by Rs 350 to Rs 44,725 per kg.

Silver coins tumbled by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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