Gold turns bearish on subdued demand amid global fall
Mumbai: Snapping its four-day rising streak, gold prices declined at the domestic bullion market due to reduced offtake by jewellery stockists as well as poor local buying support at existing levels.An overnight sharp fall in
Mumbai: Snapping its four-day rising streak, gold prices declined at the domestic bullion market due to reduced offtake by jewellery stockists as well as poor local buying support at existing levels.
An overnight sharp fall in precious metals worldwide and expectations of further easing restrictions on gold imports by the RBI turned investor mood a little bit cautious, a bullion trader said.
Elsewhere, silver slumped further and closed below the key Rs 37,000-mark on sustained unwinding from speculators. Standard gold (99.5 purity) dropped by Rs 145 to finish at Rs 26,250 per 10 grams from Friday's closing level of Rs 26,395.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 26,400 per 10 grams as against Rs 26,545. Silver (.999 fineness) slumped by Rs 220 to conclude at Rs 36,980 per kg as compared to Rs 37,200 yesterday.
Globally, the shiny metal retreated and broke through the psychological significant USD 1,200-mark once again on heavy funds selling spooked by stronger-than-expected US economic growth and also strengthening dollar value. Gold for February contract fell by USD 17.30, or 1.4 per cent, to settle at USD 1,190.40 an ounce on the Comex division of the NYMEX late yesterday and silver eased to USD 16.26 an ounce.