Heavy selling by stockists triggered on a weak global market pulled down gold prices by Rs 35 to Rs 12,235 per ten grams on the bullion market here.
Standard gold and ornaments lost Rs 35 each to Rs 12,235 and Rs 12,085 per 10 grams respectively. Sovereign, however, ruled flat at Rs 9,975 per piece of eight gram.
A similar trend was extended in white metal as silver ready dropped by Rs 360 to Rs 23,380 and silver weekly-based delivery by Rs 190 to Rs 23,630 per kg respectively. Its coins traded around previous level of Rs 27,000 for buying and Rs 27,100 for selling of 100 coins.
Analysts said, activity in gold was restricted owing to a fall in its prices in London as the dollar extended gains and crude oil eased, diminishing the metal's appeal as a hedge against inflation and further drops in the currency.
Stockists selling in line with weakening trend in overseas market mainly pulled down gold prices.
Rising stocks market and off-marriage and festival season also reduced the gold demand. Gold fell 4.15 dollar to 867.40 dollar an ounce in London.
Monday, June 16, 2008
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