NEW DELHI: Continuing its losing streak for the fifth straight day, gold prices slipped by Rs 340 to Rs 14,420 per 10 gram here on sustained
selling by stockists influenced by weakening global trend.
Marketmen said selling pressure further gathered momentum as gold dropped to a 10-week low in London on speculation that the world financial crisis might be easing, reducing the precious metal's appeal as a haven.
In the last five trading sessions, the precious metal lost Rs 1,020 per 10 gram, touching a low level last seen on February 16.
Marketmen said the weakening trend in the overseas market mainly prevailed on hopes that the global economy will revive soon following the G-20 leaders meeting last week.
They said some funds were seen shifting from melting bullion to rising equity markets for quick gains.
Standard gold and ornaments plunged by Rs 340 to Rs 14,420 and Rs 14,270 per 10 gram respectively. Sovereign, however, held steady at Rs 12,100 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 450 to Rs 20,950 per kg and weekly-based delivery by Rs 760 to Rs 20,780 per kg. Its coins held unchanged at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.
