Gold tumbles on profit-selling, lack of demand

Gold prices tumbled by Rs 340 to Rs 30,200 per 10 grams in the national capital on Saturday due to profit-selling by stockists at existing higher levels.

Silver also fell by Rs 180 to Rs 44,620 per kg on lack of buying support from industrial units and coin makers.

Emergence of profit-selling by stockists at prevailing higher levels mainly kept pressure on gold prices to surrendered moderate ground, traders said.

Local demand dried up at current levels and appreciation of rupee against the US dollar also influenced gold, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity dropped by Rs 340 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively. It shed Rs 80 in last two trading sessions.

Sovereign declined by Rs 50 at Rs 25,250 per piece of 8 grams.

In line with a general weak trend, silver ready moved down by Rs 180 to Rs 44,620 per kg and weekly-based delivery by Rs 30 to Rs 44,370 per kg.

The white metal had lost Rs 300 on Friday.

Silver coins plunged by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.