Gold weak for week on negative global cues
March 11, 2010
Standard gold and ornaments plunged by Rs 185 each to Rs 16,790 and Rs 16,640 per ten grams, respectively, while sovereign shed Rs 25 to trade at Rs 14,000 per eight-gram piece.
Gold has lost a considerable Rs 415 in seven trading sessions.
Selling pressure gathered momentum as the metal in Singapore dipped to USD 1,107.50 an ounce today, traders said, adding that absence of seasonal demand also dampened the trading sentiment.
Silver also fell by Rs 525 to Rs 26,700 per kg and weekly-based delivery lost Rs 695 to trade at Rs 26,425 per kg on negative overseas cues.