Gold tumbles as stocks shine

Gold tumbles as stocks shine
PTI
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First Published: Mon, May 18 2009. 05 01 PM IST
Updated: Mon, May 18 2009. 05 01 PM IST
New Delhi: Gold lost some of its shine on Monday as its prices plunged by Rs380 per 10 gram with investors returning to stock markets where the benchmark Sensex created history by zooming over 2,100 points in just a minute.
Investors shifting funds to equities saw the precious metal declining Rs380 to Rs14,650 per 10 gram in the national capital. Marketmen said rupee rising against the US dollar also cast a shadow on gold as an investment option.
Standard gold and ornaments plunged by Rs380 each to Rs14,650 and Rs14,500 per 10 gram respectively and sovereign lost Rs50 at Rs12,400 per piece of eight gram.
The metal had regained the psychologically important Rs15,000 level on 14 May. Gold has been on a rising spree after stocks lost its lustre in the wake global financial meltdown.
In line with a general weakening trend, silver ready dropped by Rs300 to Rs22,000 per kg and weekly-based delivery by Rs500 to Rs22,150 per kg. Silver coins traded lower by Rs100 to Rs29,000 for buying and Rs29,100 for selling of 100 pieces.
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First Published: Mon, May 18 2009. 05 01 PM IST
More Topics: Gold | Commodities | Sensex | Rupee | Dollar |