Gold, silver tumble on global cues

MUMBAI: Gold prices plummeted across the board on Tuesday as stockists sold some of their holdings after a steep fall in international prices. A sluggish sentiment marred the trading activity in the domestic market following reports that the precious metal fell from 11-month high in London and that provoked stockists to take profits, dealers said.

Turning to local markets, Delhi melted the most as standard gold (99.5) plunged by Rs 130 per 10 gm at Rs 9,470 followed by a drop of Rs 110 at Rs 9,370 in Chennai. In Kolkata, precious metal slumped by Rs 70 per 10 gm before ending at Rs 9,490, while it traded Rs 35 lower at Rs 9,370 per 10 gm in Mumbai.

In London, spot gold fell as low at $687 before bouncing back to $688.8/680.3, but still down from $690.9/691.4 in New York on Monday, when prices surged to an 11-month high of $691.
In Mumbai, spot silver also lost Rs. 105 per kg before settling at Rs. 19,725.



Domestic silver also came under selling pressure in tandem with gold and closed with hefty losses. In Delhi, ready silver (.999) slumped to Rs 19,725, revaling a whopping loss of Rs 375, as against the previous closing levels of Rs 20,100.

Similarly, in Chennai, metal lost Rs 235 to settle at Rs 19,500 followed by a drop of Rs 105 at Rs 19,975 per kg in Mumbai. In Kolkata, it plunged by Rs 100 before closing at Rs 19,700 per kg. In London, spot silver fell to $13.96/13.99 an ounce from $14.03/14.06.