Gold, silver tumble on global cues

Snapping two-day rising streak, gold prices today plunged by Rs 250 to Rs 26,960 per ten gram in the national capital, tracking a weak global trend.
Silver also eased by Rs 650 to Rs 39,350 per kg on lack of buying support from industrial units.
Traders attributed the sharp fall in precious metals to a weak global trend where gold fell to over an eight-month low as US economic data that beat estimates boosted expectations for higher borrowing costs, strengthening the dollar and damping demand for a store of value.
Gold in Singapore, which normally sets price trend on the domestic front, fell 0.8 per cent to USD 1,207.04 an ounce, the lowest since January 2.

Silver also retreated 1.3 per cent to USD 17.46 an ounce, after declining to USD 17.34 on September 22, the lowest since July 2010.
In Delhi, gold of 99.9 and 99.5 per cent purity plunged by Rs 250 each to Rs 26,960 and Rs 26,760 per ten gram respectively. It had gained Rs 360 in last two days.

Sovereign, however, ruled steady at Rs 24,200 per piece of eight gram in restricted buying activity.
Silver ready dropped by Rs 650 to Rs 39,350 per kg and weekly-based delivery by Rs 755 to Rs 38,855 per kg. The white metal had gained Rs 750 in the previous two sessions.

Silver coins, on the other hand, held steady at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.