Gold price continues to slide, falls Rs 300 in week

Jun 07 2014, 15:22 IST
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SummaryGold prices continued to slide on the bullion market during the week.

Gold prices continued to slide on the bullion market during the week on sustained selling by stockists amid falling demand from jewellers and retailers.

Silver, however, staged a recovery on fresh buying support from industrial units.

Traders said sentiments in gold remained bearish after buying interest declined on expectations of further dip in its prices.

Besides, appreciating rupee against the dollar and shifting of funds by investors towards surging equity markets also put pressure on the yellow metal prices.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced lower at Rs 27,220 and Rs 27,020 and fell further to Rs 27,180 and Rs 26,980 per ten gram respectively.

Later, it met with low level buying and recovered partially to Rs 27,250 and Rs 27,050 before ending at Rs 27,100 and Rs 26,900 per ten gram respectively, showing a fall of Rs 300 each.

Sovereign also lost Rs 200 at Rs 24,400 per piece of eight gram.

On the other hand, silver ready ended higher by Rs 275 to Rs 40,625 per kg and weekly-based delivery by Rs 405 to Rs 39,995 per kg.

However, silver coins lacked necessary follow up buying support and plunged by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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