Gold tumbles by Rs. 225, silver Rs. 400 on reduced offtake
Gold declined by Rs. 225 to Rs. 32,300 per 10 grams in the bullion market here today, while silver slipped by Rs. 400 to Rs. 61,500 per kg on limited buying at higher levels.business Updated: Sep 18, 2012 16:22 IST
Gold declined by Rs. 225 to Rs. 32,300 per 10 grams in the bullion market here today, while silver slipped by Rs. 400 to Rs. 61,500 per kg on limited buying at higher levels.
Traders said sentiment turned bearish after gold fell in global markets as a rally to a six-month high spurred some investors to sell the metal, while silver saw reduced offtake by industrial units and coin makers.
In London, gold shed 0.3% to $1,756.80 an ounce and silver fell by 0.4% to $ 34.07 an ounce.
Also, some investors shifting funds from bullion to rising equity and forex market, which also dampened the trading sentiment.
On the domestic front, gold of 99.9% and 99.5% purity fell by Rs. 225 each to Rs. 32,300 and Rs. 32,100 per 10 grams, respectively.
Sovereigns followed suit and declined by Rs. 50 to Rs. 25,400 per piece of eight grams.
Silver ready dropped by Rs. 400 to Rs. 61,500 per kg and weekly-based delivery by Rs. 745 to Rs. 63,555 per kg.
Silver coins also moved down by Rs. 1,000 to Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.
First Published: Sep 18, 2012 16:18 IST