Gold Loses
75 on Sluggish Demand, Global Cues
By
siliconindia | Monday, June 18, 2012
New Delhi: Gold priced declined by
75 to
30,425 per 10 grams in the bullion market due to sluggish demand at prevailing higher levels amid a weak trend in the overseas market.
Price of silver remained flat at
55,000 per kg.
Traders said weak cues from the global markets mainly influenced the gold's prices.
Sentiment remained bearish as the metal dropped in global markets after projections showed that Greece's pro-bailout parties have won enough seats to control the parliament, curbing demand for the metal as a safe haven.
Gold in Singapore lost 1.3 per cent to $1,606.72 an ounce, the lowest since June 13.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by
75 each to
30,425 and
30,225 per 10 grams, respectively. It had lost Rs 70 on Saturday.
Sovereigns held steady at
24,400 per piece of eight grams.
On the other hand, silver remained unchanged at
55,000 per kg, while weekly-based delivery declined by Rs 165 to
54,365 per kg.
Silver coins fell by
1,000 to
64,000 for buying and
65,000 for selling of 100 pieces.
Source: PTI
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