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Friday, December 13, 2013

Gold tumbles on weak global cues, sluggish demand

Gold Feet
Gold Feet (Photo credit: @Doug88888)

Gold of 99.9 and 99.5% purity tumbled by Rs340 each to Rs30,700 and Rs30,500 per ten gram respectively
Gold tumbles on weak global cues, sluggish demand
Gold in New York, which normally sets price trend on the domestic front, fell 2.6% to $1,224.90 an ounce and silver by 4.4% to $19.45 an ounce. Photo: AFP
New Delhi: Extending losses for the second straight day, gold prices fell by Rs340 to Rs30,700 per ten gram in the national capital on Friday on heavy sell-off by stockists in tandem with a weak global trend.
Silver also plunged by Rs1,430 per kg on poor offtake by industrial units and coin makers.
Traders said stockists selling in line with a weak global trend amid concern the Federal Reserve will reduce its bond buying as US lawmakers reached a budget agreement, reducing demand for precious metals as a safe haven.
Gold in New York, which normally sets price trend on the domestic front, fell 2.6% to $1,224.90 an ounce and silver by 4.4% to $19.45 an ounce.
Sluggish domestic demand at higher levels also dampened the sentiment to some extent, they said.
On the domestic front, gold of 99.9 and 99.5% purity tumbled by Rs340 each to Rs30,700 and Rs30,500 per ten gram, respectively. It had lost Rs110 on Thursday. Sovereign declined by Rs100 to Rs25,200 per piece of eight gram.
In a similar fashion, silver ready plunged by Rs1,430 to Rs43,630 per kg and weekly-based delivery by Rs1,530 to Rs44,130 per kg. The white metal had gained Rs1,590 in the previous three sessions.
Silver coins also dropped by Rs2,000 to Rs83,000 for buying and Rs84,000 for selling of 100 pieces.

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