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Updated: November 11, 2013 16:46 IST

Weak global cues push down gold prices

PTI
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Gold prices dipped below Rs. 31,000 mark by falling Rs. 350 to Rs. 30,900 per ten grams after nearly one month in the national capital on Monday on heavy selling by stockists in tandem with a weak global trend.

However, silver found some buying support from industrial units and ended higher by Rs. 110 to Rs. 49,010 per kg.

Gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.4 per cent to $1,283.28 an ounce after data showed that US employers added more jobs than expected which reduced demand for the metal as an alternate investment.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs. 350 each to Rs. 30,900 and Rs. 30,700 per ten grams, respectively. It had lost Rs. 150 in the previous session. Sovereign also shed Rs. 100 to Rs. 25,000 per piece of eight gram.

On the other hand, silver ready recovered by Rs. 110 to Rs. 49,010 per kg and weekly-based delivery by Rs. 160 to Rs. 48,310 per kg. The white metal had lost Rs. 200 in last trade.

Silver coins also rose by Rs. 1,000 to Rs. 87,000 for buying and Rs. 88,000 for selling of 100 pieces.

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