The gold tumbled on the bullion market on Wednesday due to selling by the stockists as equity market surged, eroding the demand for the metals as alternate investment. The gold prices fell by Rs 140 to Rs 15,100 per ten gram. The silver also followed the same trend and lost Rs 240 to Rs 21,480 per kg on frantic selling by market participants.
A weakening trend in overseas markets along with the fall in demand due to off marriage and festival season were another factor that dampened the metal. The gold in London dipped 0.7 per cent to 908.88 dollar an ounce in early trade. Similarly, the silver also fell 0.6 per cent to 12.66 dollar an ounce as stocks in America, Europe and Asian region recorded fresh gains on easing recession concerns and better than expected U.S. housing data.
A weakening trend in overseas markets along with the fall in demand due to off marriage and festival season were another factor that dampened the metal. The gold in London dipped 0.7 per cent to 908.88 dollar an ounce in early trade. Similarly, the silver also fell 0.6 per cent to 12.66 dollar an ounce as stocks in America, Europe and Asian region recorded fresh gains on easing recession concerns and better than expected U.S. housing data.
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