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  1. #1
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    Dec 2009


    Default Gold dips below 29k level on weak demand, lower global trend

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    Gold prices dipped below the 29k mark to a three-week low of Rs. 28,840 per 10 gm, down by Rs. 475, in the national capital on Wednesday on continued selling by stockists sparked by a weakening global trend amid drying up demand.

    Silver also dropped by Rs. 700 to Rs. 54,300 per kg on reduced offtake by industrial units and jewellery makers.

    Trading sentiment remained bearish after gold and silver slumped to the lowest levels in four months in global markets as Greek leaders struggled to form a government, increasing concern deepening euro zone crisis and boosting the dollar.

    The dollar-priced gold in global markets, which normally set price trend on the domestic front here, fell 1.1 per cent to $1,587.28 an ounce, the lowest since January 3 and silver by 1.8 per cent to $28.92 an ounce, the cheapest since January 9.
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