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Gold falls to Rs 22,230 on weak spot demand
Monday, 16 May 2011, 16:01 IST
New Delhi: Gold and silver fell today due to a weakening global trend and slackened spot demand. While gold declined by by 
240 to 22,230 per 10 grams, silver took a plunge of 540 to 54,410 per kg.
Trading sentiments turned bearish as gold in global markets showed weakness due to a stronger dollar eroding appeal of the precious metal as an alternative asset.
Gold in global markets, which normally sets a price trend on the domestic front, fell by $11.70 to $1,495.20 an ounce.
In addition, lack of demand at spot markets despite the ongoing marriage season, also kept pressure on the prices, traders said.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by 240 each to 22,230 and 22,120 per 10 grams, respectively. It rose by 300 in yesterday's trade. Sovereigns followed suit and declined by 100 to 18,400 per piece of eight grams.
In line with a general trend, silver ready dropped by 540 to 54,410 per kg. The metal had gained 1,650 in last trading session. Silver-weekly-based delivery lost 440 to 53,810 per kg, after gaining 1,950 in the previous session.
Silver coins also tumbled by 1,000 to 60,000 for buying and 61,000 for selling of 100 pieces.
Source: PTI
240 to 22,230 per 10 grams, silver took a plunge of 540 to 54,410 per kg.
Trading sentiments turned bearish as gold in global markets showed weakness due to a stronger dollar eroding appeal of the precious metal as an alternative asset.
Gold in global markets, which normally sets a price trend on the domestic front, fell by $11.70 to $1,495.20 an ounce.
In addition, lack of demand at spot markets despite the ongoing marriage season, also kept pressure on the prices, traders said.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by 240 each to 22,230 and 22,120 per 10 grams, respectively. It rose by 300 in yesterday's trade. Sovereigns followed suit and declined by 100 to 18,400 per piece of eight grams.
In line with a general trend, silver ready dropped by 540 to 54,410 per kg. The metal had gained 1,650 in last trading session. Silver-weekly-based delivery lost 440 to 53,810 per kg, after gaining 1,950 in the previous session.
Silver coins also tumbled by 1,000 to 60,000 for buying and 61,000 for selling of 100 pieces.
Source: PTI
