praveen
12-03-2008, 07:12 AM
Gold prices tumbled by Rs 110 to Rs 12,880 per 10 gram in the bullion market here today on a slowdown in retail demand, fall in global rates and fresh arrival of the metal.
Silver prices also plunged by Rs 800 to Rs 24,000 per kg on heavy selling sparked by reports of a weakening global trend.
Standard gold and ornaments dropped by Rs 110 each to Rs 12,880 and Rs 12,730 per 10 gram respectively. Sovereign was unchanged at Rs 10,050 per piece of eight gram.
Silver ready tumbled by Rs 800 to Rs 24,000 per kg and weekly-based delivery by a same margin at Rs 25,400 per kg. Silver coins followed suit and lost Rs 100 to Rs 26,000 for buying and Rs 26,900 for selling of 100 pieces.
Traders said selling pressure in silver gathered momentum on reports that the white metal fell below 20 dollar an ounce in global markets, which normally set prices in domestic markets.
They said the southward movement in gold prices was due to lack of buying interest as the marriage season is almost over for now.
Fresh arrivals in the face of weak global trend was another reason behind the downward trend in the market, they added.
Silver prices also plunged by Rs 800 to Rs 24,000 per kg on heavy selling sparked by reports of a weakening global trend.
Standard gold and ornaments dropped by Rs 110 each to Rs 12,880 and Rs 12,730 per 10 gram respectively. Sovereign was unchanged at Rs 10,050 per piece of eight gram.
Silver ready tumbled by Rs 800 to Rs 24,000 per kg and weekly-based delivery by a same margin at Rs 25,400 per kg. Silver coins followed suit and lost Rs 100 to Rs 26,000 for buying and Rs 26,900 for selling of 100 pieces.
Traders said selling pressure in silver gathered momentum on reports that the white metal fell below 20 dollar an ounce in global markets, which normally set prices in domestic markets.
They said the southward movement in gold prices was due to lack of buying interest as the marriage season is almost over for now.
Fresh arrivals in the face of weak global trend was another reason behind the downward trend in the market, they added.