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| Gold prices decline on heavy selling
Last Updated: 2009-11-06 16:17:20
Gold prices today weakened by Rs 25 per 10 gram in the bullion market here due to poor demand, a day after the precious metal climbed to an all time high of Rs 16,850 per 10 gram.
Gold closed lower by Rs 25 at Rs 16,825 per 10 gram.
The precious metal had closed in the Rs 17,000 per 10 gram level yesterday on high demand, influenced by India's purchase of the metal from IMF.
"Such high levels in gold prices attracting retailers to sell some of old broken jewellery by retailers," Delhi- based jeweller Rakesh Anand said, adding that today's fall was somewhat a technical correction and the prices are likely to hit a new milestone at Rs 17,000 per 10 level any time.
"We see some of the funds shifting from bullion to surging equity markets these days and partly hampered the price movements here," Anand said.
Gold buying due to the ongoing marriage season, however, capped the losses to some extent, marketmen said.
Standard gold and ornaments declined by Rs 25 each to Rs 16,825 and Rs 16,675 per 10 gram respectively. However, sovereign was unchanged at Rs 13,200 per piece of eight gram.
Silver ready held steady at Rs 27,500 in scattered deals while silver weekly-based delivery added Rs 75 to Rs 27,255 per kg on speculative buying.
Silver coins remained flat at Rs 33,300 for buying and Rs 33,400 for selling of 100 pieces.
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