Advertisement

HindustanTimes Fri,01 Aug 2014

Gold tumbles by Rs. 190 on stockists selling; global cues

PTI  New Delhi, April 09, 2013
First Published: 13:31 IST(9/4/2013) | Last Updated: 15:30 IST(9/4/2013)

Gold prices fell sharply by Rs. 190 to Rs. 29,800 per ten grams in the national capital on Tuesday, extending yesterday's losses on continued selling by stockists amid a weak trend overseas.

Advertisement

However, silver managed to close steady at Rs. 52,200 per kg on scattered support.

Traders said increased selling by stockists triggered by a weak global trend as a stronger dollar reduced the appeal of the precious metal as an alternative investment, mainly influenced the sentiment.

In the global market, which normally set a price trend on the domestic front, gold fell by $9.60 to $1,572.70 an ounce, while silver by 0.18% to $27.30 an ounce in New York in Monday's trade.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 190 each to Rs. 29,800 and Rs. 29,600 per ten grams, respectively. It had shed Rs. 40 in the previous session. Sovereign remained flat at Rs. 25,100 per piece of eight gram.

On the other hand, silver ready after moving in a tight range on some support, held steady at Rs. 52,200 per kg while weekly-based delivery inched up by Rs. 20 to Rs. 51,345 per kg.

Silver coins continued to be traded at last level of Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.


Advertisement
more from Business

Argentine markets fall post-default, NY hearing on Friday

Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved