Gold plunges by Rs265 on global cues

Gold plunges by Rs265 on global cues


New Delhi: Gold prices tumbled on the bullion market on 16 November, as stockists sold on weakening global trend.

The precious metal closed with a hefty loss of Rs265 at Rs10,175 per ten gram.

With reports of a steep fall in gold prices in the US last night, selling pressure sparked and sent weak signals across Asian markets which opened for trading today.

Brisk buying for the ongoing marriage season failed to lift prices as trading sentiment was dampened on global cues.

Gold futures for December delivery fell $20.90 to $793.80 an ounce in the US market last evening on speculations that euro’s rally against the greenback may stall, reducing the appeal of the precious metals as an alternative investment.

Silver also lost notably on selling by bullion merchants. Silver ready plunged Rs400 at Rs19,000 a kilo and silver weekly-based delivery by Rs520 at Rs19,080. Silver coins also fell by Rs300 at Rs24,800 for buying and Rs24,900 for selling of 100 pieces.

Standard gold and ornaments dropped by 65 each at 10,175 and 10,025 per ten gram respectively. Sovereign also fell by 5 at ,500 per piece of eight gram.