1. Gold, silver tumble on global cues

Gold, silver tumble on global cues

Gold and silver prices tumbled sharply at the bullion market here today due to heavy selling pressure from stockists in view of sharp fall in global market.

By: | Mumbai | Published: October 5, 2016 7:58 PM
gold reu l Standard gold (99.5 purity) fell by Rs 760 per 10 grams to close at Rs 30,100 from Rs 30,860 yesterday. (Source: Reuters)

Gold and silver prices tumbled sharply at the bullion market here today due to heavy selling pressure from stockists in view of sharp fall in global market.

Standard gold (99.5 purity) fell by Rs 760 per 10 grams to close at Rs 30,100 from Rs 30,860 yesterday.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 30,250 per 10 grams from Rs 31,010.

Silver (.999 fineness) tumbled by Rs 1,785 per kg to close at Rs 43,205 from Rs 44,990 earlier.

In the global market, gold futures ended at a 3-1/2-month low as the dollar continued to flex its muscle against leading rivals, the pound in particular, cutting demand for commodities priced in the US currency.

Silver, meanwhile, took a bigger hit, finishing the session with a loss of more than 5 per cent.

December gold dropped $43 or 3.3 per cent, to settle at $1,269.70 an ounce, lowest for a most-active contract since June 23, according to FactSet data. That was the date the UK citizens cast their vote on whether to stay or leave the European Union.

December silver also sank by $1.09, or 5.8 per cent, to settle at $17.775 an ounce.

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