On 4th March, gold prices dropped for the second straight day on the bullion market due to fresh offerings led by weakness in overseas markets. Silver also continued to exhibit a downward trend on lack of demand at higher levels.
The market fell as illiquid cash market forced investors to reduce other asset exposure in order to meet margin commitments a dealer said. Gold was little changed in Europe as traders stuck to the sidelines ahead of a rate-setting announcement from the European Central bank and key US jobs data later in the week.
Investors are concerned over the lack of fresh inflows into gold backed exchange-traded funds in recent sessions. Spot gold was quoted at $915.00/916.20 an ounce as against $915.70 an ounce late in New York yesterday. Turning to the local market, standard gold (99.5 purity) dropped further by Rs 260 per ten grams to Rs 15,075 from Rs 15,335 yesterday. Pure gold (99.9 purity) also fell to Rs 15,140 from Rs 15,400 previously.
Silver ready (.999 fineness) moved down by Rs 130 per kilo to Rs 21,915 from Rs 22,045.
The market fell as illiquid cash market forced investors to reduce other asset exposure in order to meet margin commitments a dealer said. Gold was little changed in Europe as traders stuck to the sidelines ahead of a rate-setting announcement from the European Central bank and key US jobs data later in the week.
Investors are concerned over the lack of fresh inflows into gold backed exchange-traded funds in recent sessions. Spot gold was quoted at $915.00/916.20 an ounce as against $915.70 an ounce late in New York yesterday. Turning to the local market, standard gold (99.5 purity) dropped further by Rs 260 per ten grams to Rs 15,075 from Rs 15,335 yesterday. Pure gold (99.9 purity) also fell to Rs 15,140 from Rs 15,400 previously.
Silver ready (.999 fineness) moved down by Rs 130 per kilo to Rs 21,915 from Rs 22,045.
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