Business » Markets

Updated: July 30, 2013 16:14 IST

Gold snaps 3-day gaining streak; down Rs 30 on global cues

Comment   ·   print   ·   T  T  

Snapping a three—day gaining streak, gold prices slipped by Rs 30 to Rs 28,445 per 10 grams in the national capital on Tuesday on stockists selling at prevailing higher levels amid a weak global trend.

However, silver recovered by Rs 345 to Rs 41,345 per kg on increased off take by industrial units.

Traders said stockists selling at prevailing higher levels against restricted buying mainly led to decline in gold prices.

Weak global trend speculation that the central bank may begin to taper its unprecedented stimulus program in the coming months, also influenced the gold, they said.

Gold in Singapore, which normally sets the price trend on the domestic front, fell 0.7 per cent to USD 1,318.26 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days.

Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.

On the other hand, silver ready recovered by Rs 345 to Rs 41,345 per kg and weekly—based delivery by Rs 320 to Rs 41,120 per kg, respectively. The white metal had lost Rs 350 in the previous two session.

On the other hand, silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

More In: Markets | Business
This article is closed for comments.
Please Email the Editor

Commodity prices

Take a look at the prices of various commodities in Chennai here»



Recent Article in Markets

The rupee resumed lower at 61.50 per dollar as against last Friday’s close of 61.42 at the Forex market. File Photo

Rupee edges higher against US dollar at 61.41

The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher... »