rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Gold tumbles on reduced offtake, weak global cues

Gold tumbles on reduced offtake, weak global cues

December 06, 2013 15:45 IST

A gold shopGold prices fell by Rs 465 to Rs 30,785 per 10 gram in the national capital on Friday on reduced offtake by stockists at existing higher levels amid a weak global trend.

Silver remained under selling pressure for the fourth straight day and lost Rs 200 to Rs 43,600 per kg, after losing Rs 1,275 in the previous three sessions.

Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.

Gold in New York, which normally sets price trend on the domestic front, fell by 1.46 per cent to $1,225.10 an ounce and silver by 1.42 per cent to $19.44 an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 465 each to Rs 30,785 and Rs 30,585 per ten gram, respectively. It had shot up by Rs 450 on Thursday.

Sovereign held steady at Rs 25,200 per piece of eight gram in scattered deals.

Similarly, silver ready fell by Rs 200 to Rs 43,600 per kg and weekly-based delivery by Rs 120 to Rs 44,180 per kg, while silver coins remained unchanged at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

© Copyright 2014 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.