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Gold dips marginally on low demand at higher levels
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New Delhi, Feb 9 (PTI) Defying a positive global trend, gold prices shed Rs 10 to reach Rs 16,510 per ten grams on the bullion market here today due to reduced offtake at higher levels.
Standard gold and ornaments fell Rs 10 each to Rs 16,510 and Rs 16,360 per ten grams, respectively, while sovereign remained steady at Rs 13,925 per piece of eight grams in limited deals. Marketmen said despite the firming global trend, gold dipped due to a fall in demand at higher levels. Gold in the overseas markets rose 0.7 per cent to USD 1,070.10 an ounce as a decline in the US dollar increased the metal's appeal as an alternative asset. However, silver ready found fresh buying support from industrial units and recovered by Rs 50 to Rs 24,550 per kg, while weekly-based delivery also gained Rs 65 to reach Rs 24,200 per kg. On the other hand, silver coins remained stable at Rs 32,900 for buying and Rs 33,000 for selling of 100 pieces.
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