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Gold slides on weak global trends

Gold prices tumbled by Rs 140 on the bullion market on heavy selling by stockists amid reports of fall in global markets.

DNA Web Team

Updated : Sep 14, 2017, 03:54 PM IST

NEW DELHI: Gold prices tumbled by Rs 140 at Rs 8,850 on the bullion market on Monday on heavy selling by stockists amid reports of fall in global markets.

The precious metal came under selling pressure after reports that its prices were down by $1 at $590.50 an ounce in London.

Traders said stockists refrained from enlarging their positions as buying for the Diwali festival was over.

They said the buying activity was also restricted due to tight money market positions.

Standard gold and ornaments fell by Rs 140 each at Rs 8,850 and Rs 8,700 per ten grams respectively. The sovereign also lost Rs 50 at Rs 7,500 per piece of eight grams.

Silver also suffered setback on negligible demand from coins and utensil manufacturers. Silver ready prices fell by Rs 375 at Rs 18,050 per kilo and weekly-based delivery by Rs 230 at Rs 18,300 per kilo. Silver coins also lost Rs 400 at Rs 22,600 for buying and Rs 22,800 for selling of 100 pieces.

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