 "Gold at 23-mth low on rupee appreciation, global overnight fall")
Gold hit a near 23-month low at Zaveri Bazaar here on Friday due to appreciation in the rupee, coupled with overnight fall in the global markets. Silver breached a near 31-month barrier.
Spot gold fell 3.4 per cent or Rs 880 on Friday to close at Rs 25,130 per 10g, the level it had earlier seen on August 8, 2011. The fall in silver was capped as investors saw potential for a limited pullback. It fell 0.6 per cent or Rs 260 to close at Rs 40,190 a kg as against Rs 40,450 a kg on Thursday. On Friday, the rupee appreciated 1.35 per cent to close at 59.39 against the dollar.
The yellow metal fell below the benchmark Rs 25,000 per 10g in afternoon trade when buyers deserted the Street. Signals from abroad were also weak, as buyers of exchange trade funds (ETFs) sold their holding to book US equities.
"Precious metals' prices fell sharply in overnight Thursday trade, which replicated in the Indian markets on Friday. Shifting of ETF money into US equities pulled down precious metals globally," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Gold also fell sharply on the futures market. The metal for delivery in August fell below the benchmark Rs 25,000 per 10g to touch Rs 24,941 per 10g a decline of Rs 434 from Thursday. Gold for delivery in October declined 1.7 per cent to Rs 25,063 per 10g.
Globally, gold fell 0.6 per cent, to $1,191.8 an oz after touching a year's low of $1,180.7 an oz. A bullion dealer said buyers were playing wait-and-watch in re-stocking the precious metal due to the coming lean season. With the Reserve Bank of India putting restrictions on gold availability for domestic jewellers, fresh purchases had become very difficult, he added.
Spot gold fell 3.4 per cent or Rs 880 on Friday to close at Rs 25,130 per 10g, the level it had earlier seen on August 8, 2011. The fall in silver was capped as investors saw potential for a limited pullback. It fell 0.6 per cent or Rs 260 to close at Rs 40,190 a kg as against Rs 40,450 a kg on Thursday. On Friday, the rupee appreciated 1.35 per cent to close at 59.39 against the dollar.
The yellow metal fell below the benchmark Rs 25,000 per 10g in afternoon trade when buyers deserted the Street. Signals from abroad were also weak, as buyers of exchange trade funds (ETFs) sold their holding to book US equities.
"Precious metals' prices fell sharply in overnight Thursday trade, which replicated in the Indian markets on Friday. Shifting of ETF money into US equities pulled down precious metals globally," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Gold also fell sharply on the futures market. The metal for delivery in August fell below the benchmark Rs 25,000 per 10g to touch Rs 24,941 per 10g a decline of Rs 434 from Thursday. Gold for delivery in October declined 1.7 per cent to Rs 25,063 per 10g.
Globally, gold fell 0.6 per cent, to $1,191.8 an oz after touching a year's low of $1,180.7 an oz. A bullion dealer said buyers were playing wait-and-watch in re-stocking the precious metal due to the coming lean season. With the Reserve Bank of India putting restrictions on gold availability for domestic jewellers, fresh purchases had become very difficult, he added.