Gold plummets for the fifth day on weak global cues

New Delhi, July 19 (PTI) Gold prices declined for the
fifth straight day in the Capital Tuesday, losing Rs 25 to Rs
18,475 per ten gram on increased selling by stockists,
influenced by a similar trend in global markets.
Trading sentiment remained weak on concerns that global
economic recovery might slow down demand for the yellow metal.
Gold prices in global markets, which usually set the
trend for the domestic markets, tumbled by USD 2 an ounce to
trade at USD 1,182.10.
Traders said apart from weakening prices in overseas
markets, increased selling by stockists here kept the prices
low. They also said retail customers remained on the sidelines
due to high prices amid off-marriage and festival season.
Gold with 99.99 purity and 99.5 purity remained weak
and shed another Rs 25 each to Rs 18,475 and Rs 18,375 per ten
gram respectively, while sovereign traded lower by a similar
margin at Rs 14,625 per piece of eight gram.
Silver ready, in line with the general weak trend, fell
further by Rs 100 to Rs 28,900 per kg and weekly-based
delivery by Rs 125 to Rs 28,620 per kg. Silver coins also
declined by Rs 100 to Rs 34,000 for buying and Rs 34,100 for
selling of 100 pieces. PTI