Gold dips by Rs 460 to Rs 30,000 per 10 gm on weak global cues
14 Oct 2013 2:21 AM IST
Gold prices tumbled for the second straight day by losing Rs 460 to Rs 30,000 per ten grams in the national capital on Saturday due to the sustained selling by stockists on fall in demand amid a weak global trend. Silver also dropped for the fourth straight session and lost Rs 880 to Rs 46,890 per kg on poor offtake by industrial units and coin makers.
Traders said sustained selling by stockists due to fall in demand following ending of 'Navratra' festival mainly pulled down gold and silver prices. Gold in New York, which normally set price trend on the domestic front, fell 2.2 per cent to $1,268.20 an ounce, the lowest since 10 July. On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled further by Rs 460 each to Rs 30,200 and Rs 30,000 per ten grams, respectively.
Traders said sustained selling by stockists due to fall in demand following ending of 'Navratra' festival mainly pulled down gold and silver prices. Gold in New York, which normally set price trend on the domestic front, fell 2.2 per cent to $1,268.20 an ounce, the lowest since 10 July. On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled further by Rs 460 each to Rs 30,200 and Rs 30,000 per ten grams, respectively.
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