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This is an archive article published on March 13, 2010

Gold loses for 9 days,longest fall in 4 yrs

Gold lost Rs 70 to Rs 16,710 per ten grams on bullion mkt to extend fall for the ninth day.

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Gold lost Rs 70 to Rs 16,710 per ten grams on the bullion market to extend the fall for the ninth consecutive trading session– the longest in four years in Delhi– on sustained selling induced by weak global cues.

Standard gold and ornaments lost Rs 70 each to Rs 16,710 and Rs 16,560 per ten grams,respectively. Sovereign lost Rs 25 to Rs 14,000 per piece of eight grams. The metal has lost a total of Rs 495 in nine days.

Selling pressure increased when gold in New York declined the most in seven weeks last evening falling below the USD 1,100-an-ounce mark.

It was back in June 2006 that gold weakened for nine consecutive days in the Delhi bullion market last time.

In line with the general trend,silver ready fell by Rs 75 to Rs 26,870 per kg and weekly-based delivery by Rs 100 to Rs 26,640 per kg. Silver coins closed flat at Rs 33,200 for buying and Rs 33,300 for selling of 100 pieces.

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