Gold weakens on withdrawal of support

Snapping two day's gain, gold prices weakened on the bullion market on Thursday on reduced offtake by stockists amid new stocks arrival and closed with a loss of Rs 55 at Rs 9400 per 10 gram. Trading sentiment turned weak after reports of new arrival, which created adequate stocks position and discounted a firming overseas trend. In last two trading sessions, the gold price gained Rs 110 per 10 gram and silver by Rs 350 per kilo. Precious metal prices generally move in line with the international trend but new stock arrival this morning changed the trading sentiment, marksmen said. The activity in silver was also restricted and pulled down the prices. Standard gold and ornaments lost Rs 55 each at Rs 9,400 and Rs 9,250 per 10 grams respectively. Sovereign, on the other hand held unchanged at Rs 7,750 per piece of 8 gram. Silver ready fell by Rs 50 at Rs 19,900 per kilo and weekly-based delivery by a same margin at Rs 19,950 per kilo. Silver coins quoted lower by Rs. 100 at Rs 23,800 for buying and Rs 23,900 for selling of 100 coins.