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New Delhi: After a two-day rise, gold prices tumbled by Rs 90 to close at Rs 14,830 per ten gram in the bullion market here on reduced offtake at existing higher levels amid weak global trend.
Marketmen said fresh selling by stockists due to fall in demand at existing higher levels led to fall in the price of precious metal.
They said some investors indulged in reducing their holdings to shift money to surging equity markets.
Standard gold and ornaments which had been on rising streak since last two trading sessions, fell by Rs 90 each to Rs 14,830 and Rs 14,680 per ten gram respectively. The precious metal gained Rs 360 per ten gram in last two days.
However, sovereign held steady at Rs 12,400 per piece of eight gram in scattered deals.
Silver weekly-based delivery also declined by Rs 85 to Rs 22,600 per kg on lack of support from speculators while silver ready remained flat at Rs 22,700 per kg.
Silver coins continued to be asked around previous levels of Rs 29,100 for buying and Rs 29,200 for selling of 100 pieces.
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