Gold, silver tumble on weak global trends

Gold prices tumbled by Rs 125 while silver rates crashed by Rs 1,050 on the bullion market here on Wednesday as investors shifted their funds to firming stock markets amid weak global trends.

Gold settled at Rs 13,275 per 10 gram, a loss of Rs 125 from its last close. Silver plunged by Rs 1,050 to close at Rs 19,950 per kg.

Marketmen said precious metals fell as investors shifted funds to rising stock markets, adding that stockists booking profits at higher levels also impacted the market sentiments.

Silver fell in the US markets last evening, which impacted its prices in the domestic market, they said.

Standard gold and ornaments declined by Rs 125 each at Rs 13,275 and Rs 13,125 per 10 gram, respectively. Sovereign held unchanged at Rs 10,500 per piece of eight gram.

Silver ready plunged by Rs 1,050 at Rs 19,950 per kg and weekly-based delivery by Rs 795 at Rs 20,150 per kg. Silver coins remained under selling pressure and lost Rs 100 at Rs 28,300 for buying and rs 28,400 for selling of 100 pieces.