Gold tumbles on weak global cues, fall in demand
Selling pressure gathered momentum after the gold prices in overseas markets dropped to its lowest level this year on widening euro zone debt crisis boosted dollar and reduced demand for the metal as an alternate investment.
The dollar-priced gold in Singapore plunged 0.2 per cent to USD 1,552.50 an ounce, the cheapest since December 30, and silver lost 0.3 per cent to USD 28.05 an ounce, its lowest since January 3.
With the general weakening trend, silver ready also fell further by Rs 300 to Rs 53,100 per kg, in continuation to a loss of Rs 350 in the previous session on reduced offtake by industrial units and coin makers.
Besides, a fall in demand for precious metals due to off marriage and festival season further influenced the market sentiment to some extent.
In the national capital, the gold of 99.9 and 99.5 per cent purity tumbled by Rs 260 each to Rs 28,540 and Rs 28,400 per ten gram respectively. Sovereign fell by Rs 50 to Rs 23,650 per piece of eight gram.
Silver ready lost Rs 300 to Rs 53,100 per kg and weekly-based delivery plunged by Rs 915 per kg on speculators selling. Silver coins dropped by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.
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