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Gold continues downward spiral for 4th straight day in bullion trade, silver held steady
SME News, Monday, Oct 08, 2012 11:26:11 AM IST
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NEW DELHI: Gold continues its downward trend for the fourth consecutive day in the bullion market here today by losing Rs 40 to Rs 31,480 per 10 grams on poor demand due to 'Shradhs' and a weak global trend.
However, silver held steady at Rs 61,000 per kg due to the restricted buying from industrial units and coin makers.
As per the traders, the poor demand due to ongoing 'Shradh', which is considered as an inauspicious period to buy new things as per Hindu mythology, mainly kept pressure on gold prices.
The weak trend in the global markets, where gold dropped from 11-month high after the US unemployment rate unexpectedly plunged, easing pressure on the Federal Reserve to expand monetary stimulus, also influenced the sentiment.
In New York, gold fell 0.9 per cent to USD 1,780.80 an ounce and silver by 1.5 per cent to USD 34.57 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 40 each to Rs 31,480 and Rs 31,280 per 10 grams, respectively. The metal had lost Rs 230 in last three sessions.
Silver coins continued to be asked around previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
