Quick view: Gold declines by R250 on weak global cues

Written by feBureau | Updated: May 1 2013, 07:04am hrs
Gold prices tumbled by Rs 250 to Rs 27,950 per ten grams in Delhi on stockists and investors selling against reduced offtake amid a weak global trend. Silver also declined by Rs 265 to Rs 46,735 per kg on reduced offtake by industrial units and coin makers. Traders said stockists selling on the back of sluggish demand at prevailing higher levels mainly kept pressure on both gold and silver prices. Sentiment also turned bearish as investors offloaded their positions in futures trade driven by a weakening global trend, they said.