Gold tumbles on profit-selling, lack of demand

Last Updated: Sat, Feb 08, 2014 13:05 hrs

Gold prices tumbled by Rs 340 to Rs 30,200 per ten grams in the national capital today on emergence of 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.

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

They said local demand dried up at current levels and appreciation of rupee against the US dollar also influenced gold.

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 ten grams, respectively. It shed Rs 80 in last two trading sessions. Sovereign declined by Rs 50 at Rs 25,250 per piece of eight 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 yesterday.

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

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