Gold Tumbles By Rs 340 On Global Cues - April 07, 2009

old tumbles by Rs 340 on global cues: The marketmen said that the selling pressure also gathered momentum due to the fall in gold prices in London to a 10-week low on speculation that the world financial crisis might be easing, reducing the precious metal''s appeal.

The gold in the last five trading sessions lost Rs 1,020 per 10 gram. The Marketmen said that the weakening trend in the overseas market mainly prevailed on hopes that the global economy will revive soon following the G-20 leaders meet last week.

The Standard gold and ornaments declined by Rs 340 to Rs 14,420 and Rs 14,270 per 10 gram respectively. However, the Sovereign held steady at Rs 12,100 per piece of eight gram. On the other hand, silver ready fell by Rs 450 to Rs 20,950 per kg and weekly-based delivery by Rs 760 to Rs 20,780 per kg. However, its coins remained unchanged at Rs 27,800 for buying while Rs 27,900 for selling of 100 pieces.

Gold Tumbles By Rs 395 Per 10 Grams - Aug 06 , 2008

Gold prices on Aug 5 dipped by Rs 395 to close at Rs 12,355 per 10 gram on the bullion market in Mumbai on heavy selling sparked by weak global trends after crude oil declined to a three-month low, easing inflationary concerns. Silver too nosedived by Rs 890 to Rs 23,950 per kg on reduced demand. Traders said gold, considered as a hedge against inflation, settled lower due to stockists selling triggered by falling global trend and shifting of funds towards surging equity markets. In London, gold dropped by $9.75 to $885.05 an ounce after touching a low of 882.16, a lowest since June 25.

They said a weak trend in the US markets, which set price trend in Asian markets, continued to influence trading and forcing stockists to reduce their holdings. Standard gold and ornaments plummeted by Rs 395 each at Rs 12,355 and Rs 12,205 per 10 grams respectively. Sovereign also lost Rs 50 at Rs 10,550 per piece of 8 gram. Silver ready fell by Rs 890 to Rs 23,950 per kg and weekly-based delivery by Rs 870 to Rs 23,720 per kg respectively. Silver coins fell by Rs 200 each at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.