Gold prices dropped by Rs 65 at Rs 12,575 per 10 gram in the national capital on December 05 on back of buying support on easing concerns of inflation. Silver followed the same trend and fell by Rs 100 at 16,500 per kg.Falling demand on ending marriage season on the domestic front helped in pulling down the bullion prices. Also, eased inflation at 8.40 eroded the demand for gold as a safer haven. Traders said the trend in global markets was weak after crude fell to $43.67 a barrel, the lowest settlement price since Jan 5, 2005. The gold in the US market fell to $760.90 an ounce last evening.
Market men said the precious metals also declined after the European Central Bank cut its benchmark interest rate by the most in its 10-year to stem the collapse. The Bank of England and Sweden''s central bank followed with reductions. Standard gold and ornaments fell by Rs 65 each at Rs 12,575 and Rs 12,425 per 10 gram, respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.Silver ready fell by Rs 100 at 16,500 per kg and weekly-based delivery by Rs 60 at Rs 16,600 per kg. Silver coins also lost Rs 100 at Rs 26,300 for buying and Rs 26,400 for selling of 100 pieces.
Market men said the precious metals also declined after the European Central Bank cut its benchmark interest rate by the most in its 10-year to stem the collapse. The Bank of England and Sweden''s central bank followed with reductions. Standard gold and ornaments fell by Rs 65 each at Rs 12,575 and Rs 12,425 per 10 gram, respectively. Sovereign fell by Rs 50 at Rs 10,450 per piece of eight gram.Silver ready fell by Rs 100 at 16,500 per kg and weekly-based delivery by Rs 60 at Rs 16,600 per kg. Silver coins also lost Rs 100 at Rs 26,300 for buying and Rs 26,400 for selling of 100 pieces.
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