Gold prices fell by Rs 50 to Rs 13,410 per 10 gram on the bullion market in New Delhi on Oct 13 on reduced offtake amid fresh selling by investors who rushed to the equity markets after stocks surged on Finance Minister P Chidambaram''s promising remarks. A steep rise in stocks after government announced more measures to check a free-fall in share prices, brought back confidence among investors who liquidated their other assets, such as bullion to invest in equities. Marketmen said the precious metals, which normally move in tandem with foreign markets, lost steam on rising demand for stocks.
They said the stocks, surging the most in the last four years boosted demand for equities, and investors preferred to syphon off funds from bullion towards stocks. However, silver remained steady in scattered small buying from coin manufacturers. Silver ready traded at last level of Rs 18,350 per kg while weekly-based delivery rose by Rs 20 at Rs 18,450 per kg. Silver coins were down by Rs 300 at Rs 28,200 for buying and Rs 28,300 for selling of 100 pieces. Standard gold and ornaments fell by Rs 50 each at Rs 13,410 and Rs 13,260 per 10 gram respectively. On the other hand, sovereign gained Rs 100 at Rs 10,600 per piece of eight gram on emeergence of buying retailers for Diwali festival.
They said the stocks, surging the most in the last four years boosted demand for equities, and investors preferred to syphon off funds from bullion towards stocks. However, silver remained steady in scattered small buying from coin manufacturers. Silver ready traded at last level of Rs 18,350 per kg while weekly-based delivery rose by Rs 20 at Rs 18,450 per kg. Silver coins were down by Rs 300 at Rs 28,200 for buying and Rs 28,300 for selling of 100 pieces. Standard gold and ornaments fell by Rs 50 each at Rs 13,410 and Rs 13,260 per 10 gram respectively. On the other hand, sovereign gained Rs 100 at Rs 10,600 per piece of eight gram on emeergence of buying retailers for Diwali festival.
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