From it recent record-breaking highs, the yellow metal looks to have lost its magical qualities – it has been the longest losing streak in four years in the Delhi bullion market.
Gold fell for the eighth trading session today losing a marginal Rs 10 to trade at Rs 16,780 per ten grams in the bullion market here on weak demand, whereas silver gained on fresh buying.
Standard gold and ornaments shed Rs 10 each at Rs 16,780 and Rs 16,630 per ten grams, respectively. However, sovereign added Rs 25 to Rs 14,025 per eight-gram piece.
Marketmen said low buying support due to the absence of seasonal demand led to a fall in gold prices.
Retail customers also remained on the sidelines on expectations of a further fall in gold prices, which fuelled the downtrend, they added.
Silver ready, however, rose by Rs 250 to Rs 26,950 per kg and weekly-based delivery gained Rs 315 to Rs 26,740 per kg.
Meanwhile, silver coins remained at yesterday’s level of Rs 33,200 for buying and Rs 33,300 for selling of 100 pieces.
Gold futures up on global cues
However, gold prices rose by Rs 64 to Rs 16,590 per ten gram in futures trading today largely on account of firming global trend.
Gold for April contract gained Rs 64, or 0.39 per cent to Rs 16,590 per ten gram at the Multi Commodity Exchange with an open interest of 16,445 lots.
The metal for delivery in June contract also moved up by Rs 62, or 0.37 per cent to Rs 16,676 per ten gram in 2,947 lots.
Fresh rise in gold led to firming global trend, traders
said.
Meanwhile, gold gained 1.40 dollar at 1,109.60 dollar an ounce in New York last evening.