Losing nearly Rs 800 in three straight sessions gold prices on Oct 14 closed at Rs 13,200 per ten gram falling sharply by Rs 210 on the bullion market in New Delhi in line with weak global cues and shifting investor focus from funds to the surging bourses. The precious metal lost nearly Rs 800 in three straight sessions as some investor moved their funds away from the bullion market to the strengthening stock and bond markets. Standard gold and ornaments fell sharply by Rs 210 each at Rs 13,200 and Rs 13,050 per ten gram respectively. Sovereign continued to trade at previous level of Rs 10,600 per piece of eight gram. In the global markets, gold remained weak in last two sessions falling further on reports of the metal losing strength in the US dropping up to $832 an ounce on weakening dollar.
A weak dollar against leading currency make dollar-priced gold cheaper when bought in other currencies and erode demand for holding as investment. However, silver rebounded on emergence of buying by stockists at existing lower levels and recorded handsome gains. Silver in previous trading session lost by Rs 1600 per kg. Silver ready gained Rs 18,750 per kg and weekly-based delivery by Rs 350 at Rs 18,800 per kg. Silver coins also moved up by Rs 100 at Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.
A weak dollar against leading currency make dollar-priced gold cheaper when bought in other currencies and erode demand for holding as investment. However, silver rebounded on emergence of buying by stockists at existing lower levels and recorded handsome gains. Silver in previous trading session lost by Rs 1600 per kg. Silver ready gained Rs 18,750 per kg and weekly-based delivery by Rs 350 at Rs 18,800 per kg. Silver coins also moved up by Rs 100 at Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.
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