Gold slides for third straight day on stockists’ sales
8 Dec 2012 4:46 AM IST
Gold prices continued to slide for the third day in a row, tumbling by Rs 340 to Rs 31,340 per 10 grams in the capital on Thursday on sustained selling by stockists on sluggish demand amid a weak global trend. Silver too fell by Rs 435 to Rs 61,000 per kg on reduced off-take by industrial units and coin manufacturers.
Sentiment remained bearish on reduced off-take by stockists who adopted a wait-and-watch policy and are expecting more corrections in the prices. A weakening global trend further pulled down the precious metal prices as gold dropped to near a one-month low after a stronger dollar damped demand for commodities.
Gold of 99.9 and 99.5 per cent purity remained under selling pressure and dropped by Rs 340 each to 31,340 and Rs 31,140 per 10 gm respectively. It had lost Rs 320 in the last two sessions. Sovereign followed suit and shed Rs 50 to Rs 25,500 per piece of 8 gram.
Sentiment remained bearish on reduced off-take by stockists who adopted a wait-and-watch policy and are expecting more corrections in the prices. A weakening global trend further pulled down the precious metal prices as gold dropped to near a one-month low after a stronger dollar damped demand for commodities.
Gold of 99.9 and 99.5 per cent purity remained under selling pressure and dropped by Rs 340 each to 31,340 and Rs 31,140 per 10 gm respectively. It had lost Rs 320 in the last two sessions. Sovereign followed suit and shed Rs 50 to Rs 25,500 per piece of 8 gram.
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