Precious metals tumble on profit taking

Gold prices today fell by Rs 70 to Rs 15,030 per 10 grams in the bullion market here on profit-selling, while silver tumbled by Rs 500 owing to reduced offtake by industrial units.

Marketmen said investors shifted their funds to the surging equities from the bullion, considering the stock market more attractive for making quick gains.

They said profit-selling at existing higher levels and reports of weakening trend in the global market mainly led to fall in gold prices.

In London, gold fell by $5.72 to $969.55 an ounce and silver lost 0.2 per cent to $15.56 an ounce.

Silver plunged by Rs 500 to Rs 23,000 per kg as stockists indulged in reducing their holdings amid reduced offtake by industrial units.

Standard gold and ornaments fell by Rs 70 each at Rs 15,030 and Rs 14,880 per 10 grams, respectively. Sovereign, on the other hand, remained unchanged at Rs 12,450 per piece of eight grams.

Silver ready plunged by Rs 500 at Rs 23,000 per kg and weekly-based delivery by Rs 285 at Rs 23,935 per kg. Silver coins continued to be asked at last level at Rs 29,500 for buying and Rs 29,600 for selling of 100 pieces.