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Gold price falls on stockists selling, global cues

PTI     June 30, 2014

Continuing its losing streak for the fourth session in a row, gold lost Rs 55 to Rs 28,475 per 10 grams in the national capital on Monday on sustained selling by stockists, amid a weak global trend.

Silver followed suit and fell by Rs 180 to Rs 44,800 per kg on reduced offtake by industrial units.

Traders said sentiments remained weak as physical demand declined.

Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.

Besides, diversion of funds from bullion to rising equity markets also weighed on the prices of the precious metal, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 55 each to Rs 28,475 and Rs 28,275 per 10 grams, respectively. It had lost Rs 180 in previous three sessions.

Sovereign, however, remained flat at Rs 24,900 per piece of eight grams in scattered deals.

Silver ready moved down by Rs 180 to Rs 44,800 per kg and weekly-based delivery by Rs 270 to Rs 44,260 per kg. It had lost Rs 320 in last trade.

On the other hand, silver coins maintained a steady trend at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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