GOLD
- Gold prices dropped for the fourth day by losing Rs 230 to Rs 29,350 per ten grams in the national capital Thursday on sustained selling by stockists against subdued demand.
- Silver also maintained a downward trend for the ninth day and lost Rs 550 to Rs 43,400 per kg on poor offtake by industrial units and coin makers.
- Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
- It fell further on weakening global trend as signs of recovery in the US economy reduced demand for the precious metals as safe haven.
- Gold in London, which normally sets price trend on the domestic front, fell by 0.87 percent to USD 1,294.40 an ounce and silver by 0.33 percent to USD 19.67 an ounce.
- Investors shifting their funds from weakening bullion to soaring equities too had a negative impact on the prices, they added.
- On the domestic front, gold of 99.9 and 99.5 percent purity remained under selling pressure and fell further by Rs 230 each to Rs 29,350 and Rs 29,150 per ten grams, respectively.
- The yellow metal had lost Rs 770 in last three sessions
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