Gold tumbles by Rs 330 on weak cues

Gold prices plunged Rs 330 to Rs 13,000 per 10 gm in the national capital today on heavy selling by stockists sparked by a falling trend in the international market.

Selling pressure gathered momentum after reports of the precious metal falling in overseas market on the back of declining crude and rising dollar that made the gold less lustrous for investors.

Silver also recorded a hefty fall of Rs 450 per kg to Rs 17,400. The gold in London fell to $843.20 an ounce from $853.10 in New York Mercantile Exchange last evening, after the crude oil dipped to four-year low level around 36 dollar a barrel.

Marketmen said heavy selling by stockists in tandem with falling trend on the global markets mainly pulled down the precious metal prices here.

They said retail customers also refrained from buying at the existing higher levels which fuelled the downtrend. Standard gold and ornaments crashed Rs 330 each at Rs 13,000 and Rs 12,850 per 10 gm respectively. Sovereign lost Rs 25 at Rs 10,575 per piece of 8 gm.