Gold dips below 22,000 level after 10 weeks, silver sheds Rs. 350

[minisoji]

NEW DELHI: Gold prices dipped below Rs. 22,000 per 10 grams after 10 weeks in the national capital today on sustained selling by stockists on the back of a weak trend overseas.

Gold declined by Rs. 230 to Rs. 21,820 per 10 grams, a level last seen on April 19. Silver fell by Rs. 350 to Rs. 51,500 per kg.

Dealers said that trading sentiment remained bearish after gold fell in the global markets on easing sovereign debt crisis in Greece, curbing demand for the precious metals as an alternative investment.

Reduced offtake by retailers and jewellery manufacturers at existing higher levels further fuelled the downtrend, they added.

Gold fell by $ 20.20 to $ 1,482.60 an ounce and silver by 3.2 per cent to $ 33.70 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 230 each to Rs. 21,820 and Rs. 21,700 per 10 grams, respectively.

The metal had lost Rs. 270 yesterday.

Sovereign remained unchanged at Rs. 18,650 per 10 grams in restricted activity.

Silver ready and weekly-based delivery dropped by Rs. 350 each to Rs. 51,500 per kg, respectively. Silver coins declined by Rs. 500 to Rs. 56,000 for buying and Rs. 57,000 for selling of 100 pieces.


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