Mumbai: Extending its losses, gold prices ontoday dipped below the Rs 27,000-mark by losing Rs. 40 to trade at about 14-month low of Rs. 26,970 per ten gram in the national capital on sustained selling by stockists amid a weak global trend. Besides, slackened demand from jewellers too weighed on the precious metal prices.
Sentiments remained bearish as gold tumbled to an eight-month low in global markets as equities surged to a record, dampening demand for the precious metal as an alternative asset, traders said
Gold in New York, which normally determines price trend on the domestic front, fell 0.8 per cent to $1,216.60 an ounce and silver fell 3.6 per cent to $17.84 and ounce.
In addition, strengthening of rupee against the dollar that made the import of precious metals cheaper and shifting of funds toward soaring equities too influenced the sentiment, they said.
Meanwhile, the rupee edged up to end at one-week high of 60.81 against the dollar.
In Delhi, gold of 99.9 and 99.5 per cent purity declined further by Rs. 40 to Rs. 26,970 and Rs. 26,770 per ten gram respectively, a level last seen on July 10 last year. The yellow metal had tumbled by Rs. 440 in last trade.
Silver ready nosedived by Rs. 1,275 to Rs. 39,625 per kg and weekly-based delivery by Rs. 1,110 to Rs. 39,700 per kg. The white metal had lost Rs. 700 in the previous three sessions.
Silver coins, however, held steady at Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces.
Bureau Report
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