Commodities

Gold, silver tumble on reduced offtake, global cues

PTI New Delhi | Updated on July 07, 2012

Gold plunged by Rs 170 to Rs 30,030 per 10 gm, while silver lost Rs 450 to Rs 52,850 per kg.

Gold and silver prices fell here today due to reduced offtake by stockists and jewellers at the prevailing higher levels, and a weak trend in the overseas markets.

Gold plunged by Rs 170 to Rs 30,030 per 10 gm, while silver lost Rs 450 to Rs 52,850 per kg.

Trading sentiment turned bearish after gold fell the most in two weeks in global markets as the US dollar gained, eroding the demand for the metal as an alternative investment.

Gold in New York, which normally sets the price trend at the domestic market, fell 1.9 per cent to $1,578.90 an ounce, the biggest drop since June 21. Silver also slipped 2.7 per cent to $26.92 an ounce.

In addition, traders said reduced offtake by stockists and jewellers at the existing higher levels pushed down the prices.

Gold of 99.9 per cent and 99.5 per cent purity tumbled Rs 170 each to Rs 30,030 and Rs 29,830 per 10 gm, respectively. Sovereign remained flat at Rs 24,450 per piece of 8 gm.

Similarly, silver ready dropped by Rs 450 to Rs 52,850 per kg and weekly based delivery by Rs 445 to Rs 53,125 per kg. Silver coins also fell Rs 1,000 to Rs 61,000 (buying) and Rs 62,000 (selling) of 100 pieces.

Published on July 07, 2012

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