BackGold, silver tumble on stockists selling, global cues
Gold of 99.9 and 99.5% purity plunged by Rs365 each to Rs30,035 and Rs29,835 per ten gram respectively
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New Delhi: Gold prices on Wednesday fell by Rs365 to Rs30,035 per ten gram in Delhi on increased selling by stockists, triggered by a weak global trend. Silver prices also lost Rs420 to Rs44,700 per kg on reduced offtake by jewellers and industrial units.
In Mumbai, gold of 99.9 and 99.5% purity traded at Rs29,915 and Rs29,765 per ten gram, while silver enquired at Rs45,450 per kg.
Traders said stockists selling in tandem with a weak global trend amid speculation that the US Federal Reserve will continue reducing asset purchases mainly pulled down both gold and silver prices.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5% to $1,239 an ounce, and silver by 0.3% to $20.19 an ounce. Weak trend at futures market too influenced the precious metal prices, they said.
On the domestic front, gold of 99.9 and 99.5% purity plunged by Rs365 each to Rs30,035 and Rs29,835 per ten gram, respectively. Sovereign followed suit and declined by Rs100 to Rs25,000 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs420 to Rs44,700 per kg and weekly-based delivery by Rs450 to Rs44,670 per kg. Silver coins, however, held steady at Rs85,000 for buying and Rs86,000 for selling of 100 pieces.
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