Price of standard gold declined by Rs280 to Rs18,270 per 10gm as stockists reduced their holdings in tandem with a weakening global trend. Falling retail demand added to the price pressure
Gold prices fell by Rs 280 to Rs 18,270 per 10gm in the bullion market on Friday due to widespread selling by stockists in the face of weakening global trend.
Selling pressure gathered momentum as gold fell to $1,205.6 per ounce in London from a record high of $1,226.
Marketmen said prices fell as stockists reduced their holdings in tandem with a weakening global trend.
A drop in demand from retailers at existing higher levels added to the pressure on prices.
Standard gold and ornaments, which were setting fresh price records almost every day, plunged by Rs280 each to Rs18,270 and Rs18,120 per 10gm, respectively, while the price of the 8gm gold sovereign declined by Rs50 to Rs14,300.
Silver too tumbled by Rs900 to Rs29,000 per kg. Silver ready fell by Rs900 to Rs29,000 per kg while the price for weekly-based delivery increased by Rs50 to Rs29,500 per kg on scattered buying by speculators.
Silver coins remained steady at Rs34,600 for buying and Rs34,700 for selling of 100 pieces.
— Yogesh Sapkale
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