Gold Snaps Four-Day Rally on Sluggish Demand, Global Cues

Posted By: Super
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    New Delhi, Jan 8 (PTI) Gold prices plunged by Rs 220 to Rs 27,350 per ten grams at the bullion market in the national capital today, snapping a four-day rising streak, owing to slackened demand at prevailing higher levels amid a weak global trend.

    Gold Snaps Four-Day Rally on Sluggish Demand, Global Cues

    Silver also eased by Rs 250 to Rs 37,300 per kg on reduced offtake by industrial units and coin makers.

    Traders said easing demand at existing levels and a weak trend overseas due to equities and oil prices rebounding prior to a US jobs report that will provide clues on the outlook for interest rates, mainly pulled down gold and silver prices.

    Gold in Singapore, which normally set price trend on the domestic front, fell by 0.5 per cent to USD 1,204.97 an ounce and silver by 0.4 per cent to USD 16.47 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 220 each to Rs 27,350 and Rs 27,150 per ten gram respectively.

    It had gained Rs 545 in last four days. Sovereign, however, traded at last level of Rs 23,800 per piece of eight gram in restricted buying.

    In line with a general weak trend, silver ready dropped by 250 to Rs 37,300 per kg and weekly-based delivery by Rs 185 to Rs 37,425 per kg. On the other hand, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

    PTI

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