You are using an older browser version. Please use a supported version for the best MSN experience.

Gold at fresh 10-months low on stockists selling

LiveMint logoLiveMint 23-05-2014 PTI

New Delhi: Continuing its losing streak for the fourth straight day, gold prices lost another Rs300 to trade at fresh 10-month low of Rs28,250 per ten gram in Delhi bullion market as stockists engaged in reducing positions.

Silver, however, found scattered buying support and managed to recover by Rs50 to Rs41,700 per kg.

Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

Besides, diversion of funds from bullion to soaring equity markets and strengthening rupee against the US dollar weighed on the gold prices, they said.

“Customers are deferring purchases on expectations of further dip in the gold prices,” said Rakesh Anand of R.K. Jewellers.

In Delhi, gold of 99.9 and 99.5% purity remained under selling pressure and plunged by Rs300 each at Rs28,250 and Rs28,050 per ten gram respectively, a lowest level since August last year. The yellow metal had lost Rs1,030 in the previous three sessions. Sovereign, remained steady at Rs24,800 per piece of eight gram.

On the other hand, silver ready recovered by Rs50 to Rs41,700 per kg while weekly-based delivery traded lower by Rs90 to Rs40,900 per kg on lack of speculators’ buying support.

Silver coins maintained steady trend at Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

More From LiveMint

image beaconimage beaconimage beacon