Gold price tumbles by Rs.300 on weak global cues

Mumbai-India (Feb 14)  Snapping its two-day rising trend, gold prices plunged by Rs.300 to Rs.29,650 per 10 grams on Tuesday, tracking a weak trend overseas amid fall in demand from local jewellers.

 Silver also slipped below the Rs.43,000-mark by falling Rs.100 to Rs.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 Rs.1,224.70 an ounce and silver by 0.78 per cent to Rs.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 Rs.300 each to Rs.29,650 and Rs.29,500 per ten grams, respectively. It had gained rs.450 in the past two days.

 Sovereign, also declined by Rs.100 to Rs.24,500 per piece of eight grams.

 Tracking gold, silver ready fell by Rs.100 to Rs.42,900 per kg and weekly-based delivery by Rs.130 to Rs.42,490 per kg.

 Silver coins too plummeted by Rs.2,000 to Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.

Source: TheStatesman