Gold tumbles from record high, down Rs 1,575 on fresh selling
Gold prices today fell from record high by plunging Rs 1,575 to Rs 32,325 per 10 gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.business Updated: Aug 29, 2013 18:21 IST
Gold prices on Thursday fell from record high by plunging Rs 1,575 to Rs 32,325 per 10 gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.
Selling pressure emerged at existing higher levels as gold climbed to Rs 33,900 after it touched Rs 34,500 per ten gram intra-day on Wednesday with its biggest ever gain of Rs 1,900 in the backdrop of the rupee hitting record low of 68.85 per dollar.
Besides the rupee recovering to 67.30, some retailers selling old scrap gold further influenced the trading sentiment, traders said.
They said the market also received impact of weakening global trend on optimism the US economic data may reinforce the case for the Federal Reserve to slow stimulus.
Gold in Singapore, which normally set price trend on the domestic front, lost 0.9% to 1,404.88 dollar an ounce and silver by 2.8% to 23.66 dollar an ounce.
Silver followed suit and plunged by Rs 2790 to Rs 55,710 per kg on poor offtake by industrial users and coin makers at higher levels.
On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 1575 each to Rs 32,325 and Rs 32,125 per ten grams respectively. Sovereign lost Rs 200 at Rs 25,300 per piece of eight gram.
Silver ready nosedived by Rs 2790 to Rs 55,710 per kg and weekly-based delivery by Rs 3700 to Rs 55,300 per kg. The white metal had surged Rs 3700 in the previous session.
Silver coins also plunged by Rs 3,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces on poor demand at prevailing higher levels.