Updated: July 22, 2010 16:34 IST

Gold slides by Rs. 75 on weak overseas market cues

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Gold jewellery on display at a store in Hyderabad. File photo
The Hindu Gold jewellery on display at a store in Hyderabad. File photo

Gold prices fell by Rs. 75 to Rs. 18,525 per ten grams in the national capital today, on emergence of selling by stockists after the metal prices declined in overseas markets.

Silver also weakened by Rs. 30 to Rs. 28,950 per kg on reduced off-take from industrial units.

Trading sentiment turned bearish after gold, tracking decline in metal commodities on fears of an uncertain U.S. economy growth, dropped in global markets.

Gold trade overseas that usually sets a price trend in domestic markets fell by 0.3 per cent to $ 1,181.30 dollar an ounce.

Gold with 99.99 purity and 99.5 purity fell by Rs. 75 each to Rs. 18,525 and Rs. 18,425 per ten gram respectively. It was, however, still higher by Rs. 125 in the previous trading sessions.

Silver ready also declined by Rs. 30 to Rs. 28,950 per kg, while weekly-based delivery traded lower by the same margin at Rs. 28,660 per kg, in agreement with the general market trend.

However, sovereign remained constant at Rs. 14,700 per eight grams piece. Silver coins also stayed on the previous levels of Rs. 34,100 for buying and Rs. 34,200 for selling of 100 pieces.

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