Gold ends below Rs 31k level on sustained selling, global cues

NEW DELHI: Gold prices dip below Rs 31,000 level per 10 gm in the national capital today on sustained selling by stockists in tandem with a weak global trend.

The yellow-metal declined by Rs 100 to Rs 30,900 per 10 gm.

However, silver recovered by Rs 100 to Rs 57,500 per kg on scattered enquiries from industrial units.

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Sentiments in gold remained bearish for the second straight day after it fell in overseas markets as some investors sold the metal amid negotiations among US lawmakers to strike a budget deal before the year-end.

The gold in global markets, which normally set price trend on the domestic front, lost 0.4 per cent to USD 1,653.55 an ounce in Singapore.

Besides, sluggish demand from retail customers due to end of marriage season further fuelled the downtrend.
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Gold ends below Rs 31k level on sustained selling

Gold prices dip below Rs 31,000 level per 10 gm in the national capital on Thursday on sustained selling by stockists in tandem with a weak global trend.

Gold declined by Rs 100 to Rs 30,900 per 10 gm.
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This Is Going To Require 30% – 50% Of Global Silver Production

Today acclaimed money manager Stephen Leeb spoke with King World News about gold and why silver is going to soar beyond a level investors can even imagine. But first, here is what Leeb had to say about some of the recent suspect trading in the gold market: “Somebody wants to see gold down. There’s no doubt about that. Gold, all of the sudden, had fallen $14. If you look at a chart, it’s a straight line. Now anyone that is selling into an illiquid market, which you obviously have during overnight trading, is nuts.” Continue reading