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  1. Gold tumbles Rs 190, hurt by low demand from jewellers

Gold tumbles Rs 190, hurt by low demand from jewellers

Snapping its two-day winning run, gold prices plunged by Rs 190 to Rs 25,300 per ten grams at the bullion market

By: | New Delhi | Updated: July 28, 2015 3:19 PM
Gold

Snapping its two-day winning run, gold prices plunged by Rs 190 to Rs 25,300 per ten grams at the bullion market (Reuters)

Snapping its two-day winning run, gold prices plunged by Rs 190 to Rs 25,300 per ten grams at the bullion market in the national capital as demand from jewellers and retailers at prevailing levels eased even as the precious metal strengthened overseas.

Silver followed suit and declined by Rs 150 to Rs 34,050 per kg on reduced offtake by industrial units and coin makers.

Traders said fall in demand from jewellers and retailers at existing levels mainly pulled down the prices but a slightly better trend in global markets, limited the fall.

Globally, gold rose 0.4 per cent to USD 1,097.99 an ounce in Singapore as investors felt that the Federal Reserve would keep interest rates lower for longer.

Silver also rose 0.6 per cent to USD 14.64 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 190 each to Rs 25,300 and Rs 25,150 per ten grams, respectively.

The precious metal had gained Rs 440 in last two sessions.

Sovereign, fell by Rs 200 to Rs 22,200 per piece of eight gram.

Following gold, silver ready fell by Rs 150 to Rs 34,050 per kg and weekly-based delivery by Rs 120 to Rs 33,765 per kg.

Silver coins also dropped by Rs 1,000 to Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.

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