Gold prices drops by Rs110

Gold prices drops by Rs110

New Delhi: Gold prices tumbled by Rs110 at Rs13,150 per ten gram on the bullion market on Thursday on closure of overseas markets for Christmas holidays amid deepening global financial crisis.

Trading activity turned bearish as overseas markets closed for long festival holidays and traders on the domestic front refrained from enlarging positions, and thus reducing the trading volumes.

Standard gold and ornaments fell by Rs110 each at Rs13,150 and Rs13,000 per ten gram respectively. Sovereign was unchanged at Rs10,600 per piece of eight gram.

Silver ready fell by Rs100 at Rs17,100 per kg and weekly-based delivery by Rs75 at Rs17,195 per kg. Silver coins were unchanged at Rs26,800 for buying and Rs26,900 for selling of 100 pieces.