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Gold plummets by Rs 410 to Rs 18,730 per 10g

Gold prices tanked in the national capital today, registering a steep loss of Rs 410 to fall below the Rs 19,000 level on heavy selling by stockists amid signs that Europe's economy may be in better shape than expected, curbing demand for the metal as an investment haven.
By HT Correspondent | PTI, New Delhi
UPDATED ON JUL 02, 2010 04:55 PM IST

Gold prices tanked in the national capital on Friday, registering a steep loss of Rs 410 to fall below the Rs 19,000 level on heavy selling by stockists amid signs that Europe's economy may be in better shape than expected, curbing demand for the metal as an investment haven.

The precious metal is being quoted at Rs 18,730 per 10 grams after suffering its biggest loss since February 5.

Silver also plunged by Rs 800 to Rs 29,050 per kg on poor offtake by industrial units.

Marketmen said heavy selling in tandem with the steep fall in prices of the yellow metal in international markets mainly weighed on the trading sentiment here.

Gold in overseas markets, which normally set the price trend on the domestic front, recorded a steep fall of $43 to $1,199.40 an ounce.

Subdued seasonal demand at existing higher levels also dampened the sentiment, they said.

Standard gold of 99.9 per cent purity and gold of 99.5 per cent purity nosedived by Rs 410 each to Rs 18,730 and Rs 18,630 per ten grams respectively. Sovereigns followed suit and fell by Rs 125 to Rs 14,575 per piece of eight grams.

In line with the general weakening trend, silver ready plummeted by Rs 800 to Rs 29,050 per kg and weekly-based delivery by Rs 825 to Rs 28,685 per kg.

Silver coins also tumbled by Rs 500 to Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces.

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