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Updated: May 23, 2014 17:11 IST

Gold drops Rs 300 to new 10-month low on stockists selling

PTI
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Continuing its losing streak for the fourth straight day, gold prices lost another Rs 300 to trade at a fresh 10-month low of Rs 28,250 per ten gram in the national capital on Friday as stockists engaged in reducing positions.

Silver, however, found scattered buying support and managed to recover by Rs 50 to Rs 41,700 per kg.

Brokers attributed the persistent fall in gold prices to increased selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

Besides, diversion of funds from bullion to soaring equity markets and strengthening rupee against the US dollar weighed on the gold prices, they said.

“Customers are deferring purchases on expectations of further dip in the gold prices,” said Rakesh Anand of R K Jewellers.

In Delhi, gold of 99.9 and 99.5 per cent purity remained under selling pressure and plunged by Rs 300 each at Rs 28,250 and Rs 28,050 per ten gram respectively, a lowest level since August last year.

The yellow metal had lost Rs 1,030 in the previous three sessions. Sovereign, remained steady at Rs 24,800 per piece of eight gram.

On the other hand, silver ready recovered by Rs 50 to Rs 41,700 per kg while weekly-based delivery traded lower by Rs 90 to Rs 40,900 per kg on lack of speculators’ buying support.

Silver coins maintained steady trend at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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