Gold price tumbles by Rs 225 on stockists selling, weak global cues
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Gold prices today tumbled by Rs 225 to Rs 30,820 per 10 grams here on heavy selling by stockists triggered by a weak global trend.
Silver followed suit and dropped by Rs 230 to Rs 58,750 per kg on reduced offtake by industrial units and coin makers.
Selling gathered momentum as gold dropped in global markets before a report that may show US employers added more jobs last month, reducing the appeal of bullion as a haven, traders said.
In Singapore, gold fell by 0.2 per cent to USD 1,660.45 an ounce and silver by 0.2 per cent to USD 31.40 an ounce.
In addition, sluggish demand at prevailing higher levels further dampened the sentiment, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 225 each to Rs 30,820 and Rs 30,620 per 10 grams, respectively. Sovereigns followed suit and lost Rs 100 at Rs 25,300 per piece of eight grams.
In a similar fashion, silver ready dropped by Rs 230 to Rs 58,750 per kg and weekly-based delivery by Rs 1220 to Rs 57,880 per kg. Silver coins also plunged by Rs 3000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces on poor demand at existing higher levels.