Gold slides for fourth day on lower demand, global cues

Sep 15, 2013

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New Delhi: Gold prices fell for the fourth straight day in the national capital on Saturday by falling Rs 450 to Rs 30,300 per ten grams on sustained selling amid a weak global trend. However, silver recovered by Rs 450 to Rs 50,750 per kg on increased offtake by industrial units.
Traders said continued selling by stockists driven by sluggish demand and a weak global trend mainly kept pressure on gold prices. Gold in New York, which normally set price trend on the domestic front, fell by 1.7 per cent to USD 1,308.60. On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 450 each to Rs 30,300 and Rs 30,100 per ten grams, respectively.
The yellow metal had lost Rs 620 in last three sessions. Sovereign held steady at Rs 25,000 per piece of eight grams in restricted buying.
On the other hand, silver ready recovered by Rs 450 to Rs 50,750 per kg and weekly-based delivery by Rs 410 to Rs 50,500 per kg.
The white metal had lost Rs 4,000 in the previous four sessions. Silver coins continued to be asked around previous level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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