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2008-07-24 18:09:04 |
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Gold falls to Rs 12,830 in India
Commodity Online
NEW DELHI : Weak global trends along with lack of buying support pulled down gold prices by Rs 210 to Rs 12,830 per ten gram in India on Thursday.
Standard gold and ornaments fell by Rs 210 each at Rs 12,830 and Rs 12,680 per ten gram respectively. However, sovereign held unchanged at Rs 10,500 per piece of eight gram.
Analysts said market hardly witnessed any physical buying due to off marriage and festival season at home and stockists refrained from purchasing at existing higher levels and traders postponed their buying decisions on hopes that gold might yield more ground in the coming days as the crude oil prices decline and dollar turns stronger.
A similar weakness was noticed in silver. Silver ready fell by Rs 120 at Rs 24,800 per kg and weekly-based delivery by Rs 405 at Rs 24,375 per kg. Silver coins fell by Rs 100 at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.
Gold traded at its lowest in more than two weeks in Asia after the dollar rallied to a two-week high against the euro, paring demand for gold as hedge against inflation.
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