Wednesday, January 21, 2009

Gold Prices Fell - Jan 21, 2009

Gold prices on Jan 20 fell by Rs 50 to close at Rs 13,320 per ten gram in the bullion market here backed by sustained selling influenced by a weak global markets and an off marriage and festival season. The standard gold and ornaments dropped by Rs 50 each at Rs 13,320 and Rs 13,170 per ten gram respectively. The sovereign also lost Rs 25 at Rs 10,725 per piece of eight gram. Apart from this, the silver ready dropped by Rs 90 at Rs 18,260 per kg and weekly-based delivery at Rs 18,160 per kg. In line with this, the silver coins continued to be asked at previous level of Rs 26,900 for buying and Rs 27,000 for selling of 100 pieces.

Marketmen said that the weakening trend in international bullion markets, which normally set prices in domestic markets here, recorded a loss of 11.71 dollar to 824.19 dollar an ounce. On the top of this the trading sentiment also turned weak following the reports that the precious metal in London declined for a second day due to strengthening of the dollar along with extended declines of crude oil, eroding the metal''s appeal as an alternative investment to the US currency and inflation hedge.

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