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Gold price falls to fresh 4-month low of Rs. 25,625 per 10 grams

Tracking a weak trend overseas and low demand from jewellers, gold continued its slide for a second day and lost Rs. 75 to trade at fresh a four-month low of Rs. 25,625 at the bullion market Wednesday.

Silver, however, held steady at Rs. 34,100 per kg.

Traders said sentiment remained bearish largely on weak global trend where gold slumped to over five-year lows as a report showed a pickup in US consumer prices, strengthening bets that the Fed will raise interest rates next month.

Besides, the dollar traded at its strongest in more than a decade, too weighed on gold prices, they said.

Globally, gold today fell 0.5 per cent to USD 1,064.55 an ounce, the lowest level since February 2010 in Singapore, while it ended 1.14 per cent lower at USD 1,069.80 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 75 each to Rs. 25,625 and Rs. 25,475 per 10 grams respectively. The precious metal lost Rs. 450.

Sovereign, however held steady at Rs. 22,200 per piece of eight grams.

On the other hand, silver ready ruled steady at Rs. 34,100 per kg, while weekly-based delivery edged up by Rs. 25 to Rs. 33,665 per kg.

Silver coins continued to be asked at previous level of Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.

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