Gold continues downward march; down by Rs 200 on global cues

New Delhi, Nov 25: Gold continued to slide for the third straight session today (Nov 25) and lost Rs 200 to Rs 28,890 per 10 grams, on sustained selling by stockists driven by a weakening global trend. However, silver found scattered buying support by jewellers and industrial units at existing lower levels and recovered by Rs 140 to Rs 55,370 per kg.

The trading sentiment remained bearish in gold, as its prices fell in global markets due to investors shifting their funds from bullion to forex on the back of a deepening euro-zone debt crisis. Gold in global markets, which normally sets the price trend on the domestic front, fell by 0.5 per cent to USD 1,686.60 an ounce in Singapore.

In addition, retail customers refraining from buying gold at existing higher levels also dampened the trading sentiment. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 200 each to Rs 28,890 and Rs 28,750 per 10 grams, respectively.

The metal had lost Rs 160 in last two trading session. Sovereigns remained unchanged at Rs 23,300 per piece of eight grams. Silver weekly-based delivery plunged by Rs 1,530 to Rs 54,670 per kg, while silver ready edged up by Rs 140 to Rs 55,370 per kg on speculative support. Silver coins dropped by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

PTI