Gold, silver tumble on weak global cues

Gold, silver tumble on weak global cues
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First Published: Thu, Jun 04 2009. 04 15 PM IST
Updated: Thu, Jun 04 2009. 04 15 PM IST
New Delhi: Gold and silver prices on Thursday declined in the bullion market here on emergence of selling by stockists, triggered by weakening trend in the overseas markets.
Gold slipped below the Rs15,000-level and lost Rs160 to Rs14,960 per 10 gram and silver also plunged by Rs500 to Rs23,000 per kg on reduced offtake by industrial units.
Marketmen said selling activity picked up after reports that the precious metals fell sharply in the overseas market. Gold in New York fell to $959 an ounce from $986 an ounce in the previous day.
They said falling demand in the domestic markets following off marriage and festival season also led to the decline.
Standard gold and ornaments tumbled by Rs160 each to Rs14,960 and Rs14,810 per 10 gram, respectively. Sovereign lost Rs50 to Rs12,400 per piece of eight gram.
In a similar fashion, silver ready plunged by Rs500 to Rs23,000 per kg and weekly-based delivery by Rs870 to Rs23,690 per kg, respectively. Its coins also lost Rs100 at Rs29,600 for buying and Rs29,700 for selling of 100 pieces.
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First Published: Thu, Jun 04 2009. 04 15 PM IST
More Topics: Gold | Bullion | Commodity | Rupee | Markets |