Gold price halts three-day rally; slips Rs 60 on weak global cues

Mumbai-India (Sept 2)  Snapping three-day rising streak, gold prices retreated by Rs 60 to Rs 27,000 at the bullion market today on weak global cues and easing demand from jewellers at prevailing levels.

Silver too turned weak and fell by Rs 150 to Rs 35,000 per kg on reduced offtake by industrial units and coin makers.

 Traders said besides fall in demand from jewellers and retailers at existing levels, a weak global trend as Asian stocks extended a global rout on concern over China's slowdown and its impact on the world economy, mainly led to decline in gold prices.

 Globally, gold declined 0.2 per cent to $1,138.35 an ounce and silver by 0.5 per cent to $14.54 an ounce in Singapore.

 In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 60 each to Rs 27,000 and Rs 26,850 per 10 grams, respectively. The precious metal had gained Rs 410 in last three days.

 Sovereign, followed suit and shed Rs 100 at Rs 22,400 per piece of eight gram.

 Tracking gold, silver ready declined by Rs 150 to Rs 35,000 per kg and weekly-based delivery by Rs 80 to Rs 34,465 per kg.

 On the other hand, silver coins continued to be traded at last level of Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.

Source: Business-Standard