Gold prices dip to Rs 6570

Gold prices plunged and closed with a hefty loss of Rs 90 at Rs 6570 per ten gram in the bullion market in New Delhi on Friday on reduced off take by stockists and bullion merchants with surging equity markets becoming more attractive for investment.

Weakening gold in international markets, where it quoted lower at $448.75 an ounce against the last close of 456.36, also influenced the trading sentiment to some extent.

Market sources said buying by stockists and jewellery fabricators was negligible, as they preferred to park their funds temporarily in the rising stock market.

They said the bullion merchants were holding satisfactory stocks and refrained from extending their positions at prevailing higher levels.

In view of the bearish trend, silver declined on emergence of profit-selling by stockists amid reduced off take and surrendered notable ground.

Silver dropped by Rs 350 at Rs 11,800 per kilo while weekly-based delivery remained firm and gained Rs 100 at Rs 11,950 per kilo. Silver coins were unaltered at Rs 15,200 for buying and Rs 15,400 for selling of 100 pieces.

Standard gold and ornaments plunged by Rs 90 each at Rs 6570 and Rs 6420 per ten gram respectively. Sovereign lost Rs 50 at Rs 5350 per piece of eight gram.