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Physical demand for gold unlikely to revive as prices remain unstabilised
 
Physical demand for gold unlikely to revive as prices remain unstabilised
In a volatile trade gold fell from 25-year high above $550 an ounce in Asian trade on Tuesday,but dealers were expecting more rise in prices in late trading as new investors poured money into the buoyant market.The yellow metal showed a steady trend in the domestic market, and closed with a modest gains on aggressive buying from speculative investors.The underlying trend remained strong, sources in the market said.However, a section of market feels that physical demand for gold is unlikely to revive early in the new year with buyers shying away because of steep prices.Buyers will return to market only when prices stabilise at lower levels, they added.

In London ,spot gold was at $544.7/545.5,down from $548.5/549.3 late in Newyork on Monday .In Mumbai ,the standard variety (99.5) opened on higher note at Rs 7,895 per 10 gm on sustained demand form fund mangers and speculators as well.By afternoon,it trimmed some early gains on some correction and closed at Rs 7,870,revealing a fresh gain of Rs 55 form the overnight closing levels of Rs 7,815.Pure variety(99.9)also did so an closed Rs 55 higher at Rs 7,910 per 10gm.In Delhi, it closed Rs 15 higher at Rs 7,915 on some demand.In Mumbai ,silver(999) lost its sheen as the market came under selling pressure and the metal closed Rs 48 lower at Rs 12,930 per kg.In Delhi, it edged down by Rs 40 at Rs 13,200.In London,it fell to $9.03/9.06 an ounce from $9.20/9.23.
Posted On : 1/11/2006 1:43:44 PM

 
 
 
Physical demand for gold unlikely to revive as prices remain unstabilised