Gold, silver prices tumble on lower global cues
Both the precious metals, gold and silver, tumbled in the early trade due to fresh offerings by stockists triggered by overnight fall in New York market.
Standard gold (99.5 purity) fell by Rs 355 per ten grams to resume at Rs 19,380 from the overnight closing level of Rs 19,735.
Pure gold (99.9 purity) also dropped by Rs 365 per ten grams to Rs 19,470 from Rs 19,835.
Silver ready (.999 fineness) also slipped by Rs 620 per kilo to Rs 36,475 from Rs 37,095.
Gold futures ended 2.6 per cent lower yesterday in New York market, their worst one-day drop since early July, as traders reacted to a jump in the dollar on the back of US official comments and to China’s surprise interest-rate hike.
Gold for December delivery retreated by $36.10 to $1,336 an ounce.
December silver also dropped 2.6 per cent to $23.78 an ounce.