Yellow Metal Skids; Silver Ready Falls too

March 06 07:41 2014

gold futuresNew Delhi, Thursday, March 6 – Rates of the yellow metal skidded underneath INR 31,000 by plunging INR 280 to INR 30,820 each 10 gram in New Delhi on Thursday on intense offloading by stockists pressured by a feeble worldwide fashion.

On worst off-take by factories and jewelers, the white metal too jumped down by INR 350 to INR 47,050 each kilogram. More than a few dealers mentioned that extreme offloading by stockists in opposition to the plunge in demand at existing elevated levels essentially put pressure on the rates of yellow metal.

Adding more to the point, they further stated a feeble global fashion where the precious metal plummeted on dipping tension in Ukraine and sluggish physical buying in China, which is the biggest consumer of planet, additionally reduced the sentiment.

The yellow metal in Singapore changed hands slightly down at $1,334.86 per ounce from $ 1,336.90 on March 5. Additionally, a number of speculators observed moving their funds from feeble gold to mounting stocks too diminished demand of the yellow metal. By INR 280, valuable metal of 99.9 and 99.5 % purity fell down apiece to INR 30,820 and INR 30,620 each 10 gram, correspondingly.

In a couple of trading sessions, gold had dropped by INR 200. The same trend was tracked by and it lost INR 50 to INR 25,400 each piece of eight gram. Story did not end here, silver ready skidded by INR 350 to INR 47,050 each kilogram and weekly – based delivery by INR 550 to INR 46,850 each kilogram in a same trend. On the other hand, coins made with white metal held stable at INR 87,000 for purchasing and INR 88,000 for offloading of a ton pieces.