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Weakening trend in global markets
July, 11th 2009

Gold prices remained under pressure and lost another Rs 10 at to close at Rs 14,690 per ten gram in the bullion market today on sustained selling by stockists influenced by weak overseas markets.

Selling pressure gathered momentum as the gold in overseas markets fell as a stronger dollar and lower oil prices curb the metal's appeal as an alternative investment and hedge against inflation.

Marketmen said, some investors indulged in selling gold to raise funds for paying losses in the equity markets. The Bombay Stock Exchange benchmark Sensex recorded a biggest weekly fall by losing 1,525 points in the last four trading sessions.

The gold in global markets, which normally set price trend in domestic markets, fell by 28 cents to 912.07 per ounce. Silver also lost 1.1 per cent to 12.72 dollar an ounce.

In the bullion market here, standard gold and ornaments fell by Rs 10 each at Rs 14,690 and Rs 14,540 per ten gram respectively. Sovereign held unchanged at Rs 12,300 per piece of eight gram.

Silver ready fell by Rs 200 at Rs 21,600 per kg and weekly-based delivery Rs 100 at Rs 21,440 per kg. Silver coins also quoted lower by Rs 100 at Rs 28,800 for buying and Rs 28,900 for selling of 100 pieces.

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