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| Precious metals tumble on weak global cues |
| Press Trust of India / Mumbai Mar 10, 2009, 19:02 IST |
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Fresh offerings by stockists amidst lack of demand at higher levels coupled with fall in global markets, pulled down gold and silver prices on the bulllion market here today.
Standard gold (99.5 purity) fell by Rs 280 per 10 grams to Rs 15,145 from Rs 15,425 yesterday.
Pure gold (99.9 purity) also dropped by Rs 290 per 10 grams to Rs 15,215 from Rs 15,505.
Silver ready (.999 fineness) moved down by Rs 420 per kilo to Rs 22,060 from Rs 22,480.
Gold prices slipped in Europe following recovery in the equity markets denting interest in the metal as a safe-haven. Buying and selling of gold-backed exchange traded funds remained subdued and affected the market sentiment to some extent.
World stocks rose after three consecutive days of declines. This must have been the main factor behind fall in gold prices, a dealer said.
Spot gold fell to $910.85/911.85 an ounce from $920.95 an ounce late in New York. Spot silver also eased to $12.77/12.84 an ounce from $12.92 an ounce previously.
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