Gold falls for fifth consecutive day
27 Oct 2012 1:27 AM GMT
Gold continued its downward journey for the fifth session on Friday, losing Rs 70 to Rs 31,200 per 10 grams due to sustained selling by stockists in line with a weak global trend. Silver also dropped by Rs 150 to Rs 59,450 per kg on reduced offtake by industrial units and coin makers.
Traders said sustained selling by stockists on the back of sluggish demand at prevailing higher levels mainly kept pressure on gold prices for the fifth straight day.
They said weak global trend where gold decline as commodities led by base metals fell and a stronger dollar curbed demand for bullion as an alternative investment further fuelled the downtrend. Reduced offtake by industrial units and coin makers helped silver prices to surrendered fresh ground, they added.
Gold in London, which normally sets the price trend on the domestic front, fell by 0.5 per cent to $1,703.53 an ounce, its lowest since since September 7.
Traders said sustained selling by stockists on the back of sluggish demand at prevailing higher levels mainly kept pressure on gold prices for the fifth straight day.
They said weak global trend where gold decline as commodities led by base metals fell and a stronger dollar curbed demand for bullion as an alternative investment further fuelled the downtrend. Reduced offtake by industrial units and coin makers helped silver prices to surrendered fresh ground, they added.
Gold in London, which normally sets the price trend on the domestic front, fell by 0.5 per cent to $1,703.53 an ounce, its lowest since since September 7.
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