Gold price falls by Rs 215, halts 2-week rally on global cues

Mumbai-India (Aug 25)  Snapping its two-week winning streak, gold prices on Tuesday retreated from a three-month high by falling Rs 215 to Rs 27,360, tracking a weak global trend amid fall in demand from jewellers at prevailing levels.

The precious metal had gained Rs 2,595 in previous 14 sessions, its longest winning run this year. Silver continued its slide on stockists selling and plunged Rs 800 to Rs 35,500 per kg.

Traders said besides weak global trend, fall in demand from jewellers and retailers at existing levels, mainly halted this year's longest two-week rising trend in the yellow metal. Globally, gold in London was trading 0.58 per cent lower at $1,148.20 an ounce and silver shed 0.24 per cent to $14.75 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 215 each to Rs 27,360 and Rs 27,210 per 10 grams, respectively. The sovereign, however, remained steady at Rs 22,700 per piece of eight grams in limited deals. Tracking gold, silver ready declined further by Rs 800 to Rs 35,500 per kg and weekly-based delivery by Rs 665 to Rs 35,195 per kg.

In line with overall trend, silver coins also plummeted by Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.

Source: BusinessToday