This Article is From Aug 27, 2015

Gold Tumbles by Rs 380, Dips Below Rs 27,000 on Global Cues

Gold Tumbles by Rs 380, Dips Below Rs 27,000 on Global Cues
New Delhi: Tracking a weak overseas trend and slackened demand from jewellers at prevailing levels, gold prices continued their losing streak for the third straight day and tumbled by Rs 380 to Rs 26,650 in the national capital on Thursday.

Silver followed suit and plunged by Rs 770 to Rs 34,200 per kg on poor offtake by industrial units and coin makers.

Bullion merchants said that besides a weak global trend, slackened demand from jewellers and retailers at current levels mainly kept pressure on precious metals prices here.

Globally, gold fell 1.32 per cent to $1,125.40 an ounce and silver 3.98 per cent to $14.11 an ounce in New York in Wednesday's trade.

The precious metal had lost Rs 545 in last two days.

An appreciating rupee against the dollar that made imports cheaper also dampened sentiment, they said.

At the forex market, the rupee was trading 28 paise higher at 65.86 (intraday) against the US dollar.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 380 each to Rs 26,650 and Rs 26,500 per 10 grams, respectively.

Sovereign also eased by Rs 100 to Rs 22,500 per piece of 8 grams.

Tracking gold, silver ready dropped by Rs 770 to Rs 34,200 per kg and weekly-based delivery by Rs 955 to Rs 33,515 per kg.

Silver coins, however, held steady at Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.