Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Gold price falls for 3rd day, down Rs 90 on strong rupee, global cues

Jan 19 2013, 16:14 IST
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Gold prices continued to slide for the third-day by losing Rs 90 to Rs 30,910 per 10 gram. (Reuters) Gold prices continued to slide for the third-day by losing Rs 90 to Rs 30,910 per 10 gram. (Reuters)
SummaryGold prices continued to slide for the third-day by losing Rs 90 to Rs 30,910 per 10 gram.

Gold prices continued to slide for the third-day by losing Rs 90 to Rs 30,910 per 10 gm in the national capital today largely on strong rupee against the dollar and subdued demand amid a weak global trend.

However, silver held steady at Rs 59,400 per kg in restricted buying at prevailing higher levels.

Traders said strengthening of rupee which climbed to a two-and-a-half month high of Rs 53.71 against the dollar yesterday, making importers of the precious metal cheaper, mainly put pressure on the gold prices.

Besides, subdued demand at prevailing levels and a weakening global trend, too, had shadow on the precious metal prices, they said.

Gold in global markets, which normally set price trend on the domestic front, declined by USD 2.40 to USD 1,684.70 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 90 each to Rs 30,910 and Rs 30,710 per 10 gm, respectively. Overall, the metal had lost Rs 325 in last two sessions. Sovereign also shed Rs 50 at Rs 25,400 per piece of eight gram.

On the other hand, silver ready held steady at Rs 59,400 per kg, while weekly-base delivery declined by Rs 60 to Rs 59,375 per kg.

Meanwhile, silver coins remained steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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