Gold tumbles on stockists selling, global cues

Gold prices tumbled by Rs 200 to Rs 30,400 per 10 grams in the national capital today on heavy selling by stockists, triggered by a weak global trend.

Silver also dropped by Rs 900 to Rs 42,500 per kg on poor offtake by industrial units and coin makers.

Traders said heavy stockists selling sparked by weak global trend on speculation that the Federal Reserve will further reduce stimulus mainly pulled down the demand for the precious metal as a safe haven.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,292.34 and silver by 0.5 per cent to $19.35.

In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 200 each to Rs 30,400 and Rs 30,200 per 10

grams, respectively.

It lost Rs 130 on Tuesday.

Sovereign declined by Rs 100 to Rs 25,000 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs 900 to Rs 42,500 per kg and weekly-based delivery by Rs 580 to Rs 41,700 per kg.

Silver coins also nosedived by Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.