Gold prices tumbled by Rs 170 to a seven-week low of Rs 16,450 per ten grams in the bullion market here today on hectic selling triggered by negative global cues.
Standard gold and ornaments, plunged by Rs 170 each to Rs 16,450 and Rs 16,300 per ten grams, respectively. The metal has lost Rs 320 in the last three trading sessions.
Sovereign also weakened, shedding Rs 50 to trade at Rs 13,950 per eight-gram piece.
Selling pressure gathered momentum as gold fell the most since February 12 in New York last evening, losing USD 15.30 to close at USD 1,087.50 an ounce.
Traders refraining from purchasing gold on hopes of a further fall in prices also dampened the sentiment, marketmen said.
In line with the general weak trend, silver ready dropped by Rs 275 to Rs 26,550 per kg and weekly-based delivery by Rs 220 to Rs 26,250 per kg.
Silver coins lost Rs 100 to Rs 33,100 for buying and Rs 33,200 for selling of 100
Source Economic Times
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