Gold prices plunge by Rs 400 on global cues - Hindustan Times
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Gold prices plunge by Rs 400 on global cues

PTI | By, New Delhi
Oct 30, 2014 04:34 PM IST

Gold prices tumbled by Rs 400 to trade at nearly one-month low of Rs 27,100 per 10 grams in the national capital on Thursday on emergence of selling by stockists amid a weak global trend.

Gold prices tumbled by Rs 400 to trade at nearly one-month low of Rs 27,100 per 10 grams in the national capital on Thursday on emergence of selling by stockists amid a weak global trend.



Silver followed suit and declined by Rs 550 to Rs 37,850 per kg on poor offtake by industrial units and coin makers.

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Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.



Gold in London, which normally sets price trend on the domestic front, dropped 0.7% to $1,203.22 an ounce, and silver by 1.3% to $16.86 an ounce.



Shifting of funds towards surging equity market and sluggish demand at prevailing levels also dampened the sentiment, they said.



In Delhi, gold of 99.9 and 99.5% purity plunged by Rs 400 each to Rs 27,100 and Rs 26,900 per 10 grams, respectively, a level last seen on October 6.



Sovereign followed suit and shed Rs 100 at Rs 24,100 per piece of eight grams.



In a similar fashion, silver ready dropped by Rs 550 to Rs 37,850 per kg and weekly-based delivery by Rs 660 to Rs 37,560 per kg.



Silver coins also plummeted by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

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