Gold tumbles by Rs 140 to Rs 18,380 per 10g

Gold prices fell by Rs 140 to Rs 18,380 per ten grams in the national capital today on heavy selling by stockists, triggered by a weakening global trend.

The trading sentiment was bearish for the second straight session after the euro climbed against the dollar, eroding demand for the precious metal as an investment haven amid waning European debt concerns.

    
Gold in overseas markets, which normally sets the price trend on the domestic front, fell by $7.60 to $1,182.10 an ounce.
    
Reduced offtake at existing higher levels and shifting of funds from weakening bullion to firming equities also influenced the market sentiment.
    
Gold of 99.9 per cent and 99.5 per cent purity tumbled by Rs 140 each to Rs 18,380 and Rs 18,280 per ten grams, respectively. Sovereigns also fell by Rs 75 to Rs 14,600 per piece of eight grams.
    
In line with the general weakening trend, silver ready fell by Rs 70 to Rs 29,380 per kg on reduced offtake by industrial units and coin-manufacturers, while weekly-based silver gained Rs 15 to Rs 29,145 per kg on speculative buying.
    
Silver coins also tumbled Rs 300 to Rs 33,900 for buying and Rs 34,000 for selling of 100 pieces.