Gold tumbles by Rs 300 on weak global cues

14 Feb 2017

Snapping its two-day rising trend, gold prices plunged by INR 300 to INR 29,650 per 10 grams on Tuesday, tracking a weak trend overseas amid fall in demand from local jewellers.
Silver also slipped below the INR 43,000-mark by falling INR 100 to INR 42,900 per kg on reduced offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers at current levels mainly pulled down gold prices.
Globally, gold fell 0.67 per cent to USD 1,224.70 an ounce and silver by 0.78 per cent to USD 17.80 an ounce in New York on Monday.
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by INR 300 each to INR 29,650 and INR 29,500 per ten grams, respectively. It had gained INR 450 in the past two days.
Sovereign, also declined by INR 100 to INR 24,500 per piece of eight grams.
Tracking gold, silver ready fell by INR 100 to INR 42,900 per kg and weekly-based delivery by INR 130 to INR 42,490 per kg.
Silver coins too plummeted by INR 2,000 to INR 72,000 for buying and INR 73,000 for selling of 100 pieces. (PTI)