Gold prices on Aug 5 dipped by Rs 395 to close at Rs 12,355 per 10 gram on the bullion market in Mumbai on heavy selling sparked by weak global trends after crude oil declined to a three-month low, easing inflationary concerns. Silver too nosedived by Rs 890 to Rs 23,950 per kg on reduced demand. Traders said gold, considered as a hedge against inflation, settled lower due to stockists selling triggered by falling global trend and shifting of funds towards surging equity markets. In London, gold dropped by $9.75 to $885.05 an ounce after touching a low of 882.16, a lowest since June 25.
They said a weak trend in the US markets, which set price trend in Asian markets, continued to influence trading and forcing stockists to reduce their holdings. Standard gold and ornaments plummeted by Rs 395 each at Rs 12,355 and Rs 12,205 per 10 grams respectively. Sovereign also lost Rs 50 at Rs 10,550 per piece of 8 gram. Silver ready fell by Rs 890 to Rs 23,950 per kg and weekly-based delivery by Rs 870 to Rs 23,720 per kg respectively. Silver coins fell by Rs 200 each at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
They said a weak trend in the US markets, which set price trend in Asian markets, continued to influence trading and forcing stockists to reduce their holdings. Standard gold and ornaments plummeted by Rs 395 each at Rs 12,355 and Rs 12,205 per 10 grams respectively. Sovereign also lost Rs 50 at Rs 10,550 per piece of 8 gram. Silver ready fell by Rs 890 to Rs 23,950 per kg and weekly-based delivery by Rs 870 to Rs 23,720 per kg respectively. Silver coins fell by Rs 200 each at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
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