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Gold tumbles by Rs 360, silver by Rs 550

Last updated on: June 29, 2012 17:11 IST

Gold tumbles by Rs 360, silver by Rs 550

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Gold prices on Friday tumbled by Rs 360 to Rs Rs 30,060 per 10 grams in the bullion market on Friday, while silver shed Rs 550 on sluggish demand amid weak global cues.

Both the precious metals suffered a setback due to heavy sell-off by stockists on poor demand at prevailing higher levels, and a weak trend in overseas markets, traders said.

Silver coins followed suit and declined by Rs 3,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

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Image: A woman checks a gold waist belt inside a jewellery shop in Hyderabad.
Photographs: Krishnendu Halder/Reuters.
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In global markets, while gold fell to the lowest level in almost four weeks amid signs of slowing US growth and strengthening of dollar on speculation that European Union

leaders will struggle to solve the debt crisis, silver slumped to the lowest level in 19 months.

In New York, gold dropped 1.8 per cent to $1,550.40 an ounce, the largest decline since June 21. Silver also shed 2.6 per cent to $26.10 an ounce, the lowest since November 18, 2010.

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Photographs: Reuters.

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On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 360 each to Rs 30,060 and Rs 29,860 per 10 grams, respectively.

Sovereign followed suit and lost Rs 100 to Rs 24,400 per piece of eight grams. Silver ready fell by Rs 550 to Rs 52,950 per kg and weekly-based delivery by Rs 725 to Rs 52,125 per kg.



Photographs: Reuters.
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