Gold tumbles on profit-taking on lower global cues
Taking cues from global markets, gold prices tumbled by Rs 130 per ten grams to finish at Rs 14,085 on the bullion market here today on fresh profit-taking.business Updated: Feb 02, 2009 19:00 IST
Taking cues from global markets, gold prices tumbled by Rs 130 per ten grams to finish at Rs 14,085 on the bullion market here today on fresh profit-taking.
Silver also moved down on lack of industrial demand.
Renewed stockists offerings prompted by fall in global markets failed to maintain the last weekend's highest level of gold of Rs 14,230.
Standard gold (99.5 purity) dropped by Rs 130 per ten grams to Rs 14,085 from the last Saturday's level of Rs 14,215.
Pure gold (99.9 purity) also declined to Rs 14,150 from the last weekend's level of 14,280.
Silver ready (.999 fineness) slipped by Rs 110 per kilo to Rs 19,755 from Rs 19,865.
Gold prices fell in Singapore by more than two per cent after rallying to a near four-month high around USD 930 an ounce last week, led by selling from speculators in China and bankers in Australia, a dealer said.
Gold was trading at USD 908.45 an ounce, down USD 18.55 from New York's close.