Gold tumbles on weak global cues
PRESS TRUST OF INDIA
New Delhi, Jan 22: Gold prices today tumbled by Rs 230 to Rs 16,700 per ten gram in the bullion market here due to sustained selling by stockists driven by weak global cues.
Silver fell by Rs 650 to Rs 27,550 per kg.
Prices plunged as stockists sold the precious metal, which in Asian regions heads for the biggest weekly slump on dollar?s gain and dipped below 1,100 dollar an ounce, marketmen said.
Gold in Singapore dropped to 1,088.65 dollar an ounce as the dollar advanced to its highest in almost five months and equities fell on US banking reform plans and the prospect of slower growth in China.
Increased selling of scrap jewellery by retailers at existing higher levels also pulled down the prices, they said.
Standard gold and ornaments dropped by Rs 230 each to Rs 16,700 and Rs 16,550 per ten gram respectively.
Lastupdate on : Fri, 22 Jan 2010 21:30:00 Makkah time
Lastupdate on : Fri, 22 Jan 2010 18:30:00 GMT
Lastupdate on : Sat, 23 Jan 2010 00:00:00 IST
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