Millennium Post

Gold loses its glitter after Diwali, tumbles by `400

Gold fell by Rs 400 to Rs 32,000 per 10 grams in the bullion market here on Friday, while silver lost Rs 600 to Rs 61,000 per kg following the end of festive season amid weak global cues.

Traders said gold fell on stockists selling, driven by a weak global trend, while silver declined on reduced offtake by industrial units.

Selling pressure sparked as gold fell to a one-week low in global markets after a report showed that global demand ebbed in the third quarter, they added.

The World Gold Council said global demand fell 11 per cent from record a year earlier as slowing growth in China, the world’s second-biggest consumer after India, cutting investment and jewellery purchases.

Gold in New York, shed 0.9 per cent to USD 1,713.80 an ounce, the biggest drop since November 2. Silver lost 0.6 per cent to USD 32.67 an ounce.

Fall in domestic demand at existing high levels and the end festival season also influenced the sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 400 each to Rs 32,000 and Rs 31,800 per ten grams, respectively.

Sovereign held steady at Rs 25,500 per piece of eight grams.

Similarly, silver ready fell by Rs 600 to Rs 61,000 per kg and weekly-based delivery by Rs 370 to Rs 60,955 per kg. However, silver coins spurted by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
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