Gold prices plunged by Rs 330 to Rs 13,000 per 10 gram in the national capital today on heavy selling by stockists sparked by a falling trend in the international market. Silver also recorded a hefty fall of Rs 450 per kg to Rs 17,400.
Selling pressure gathered momentum after reports of the precious metal falling in the overseas market on the back of declining crude and rising dollar that made the gold less lustrous for investors.The gold in London fell to 843.20 dollar an ounce from 853.10 dollar in New York Merchantile Exchange last evening, after the crude oil dipped to four-year low level around 36 dollar a barrel.
Marketmen said heavy selling by stockists in tandem with falling trend on the global markets mainly pulled down the precious metal prices here.They said retail customers also refrained from buying at existing higher levels that fuelled the downtrend. Standard gold and ornaments crashed Rs 330 each at Rs 13,000 and Rs 12,850 per 10 gram respectively. Sovereign lost Rs 25 at Rs 10,575 per piece of eight gram. Silver suffered heavy losses after the investors shifted their funds to forex and equity markets for quick buck. Silver ready plunged by Rs 450 at Rs 17,400 per kg and weekly-based delivery by Rs 500 at Rs 17,590 per kg. Silver coins also slumped by Rs 200 at Rs 26,700 for buying and Rs 26,800 for selling of 100 pieces.
Selling pressure gathered momentum after reports of the precious metal falling in the overseas market on the back of declining crude and rising dollar that made the gold less lustrous for investors.The gold in London fell to 843.20 dollar an ounce from 853.10 dollar in New York Merchantile Exchange last evening, after the crude oil dipped to four-year low level around 36 dollar a barrel.
Marketmen said heavy selling by stockists in tandem with falling trend on the global markets mainly pulled down the precious metal prices here.They said retail customers also refrained from buying at existing higher levels that fuelled the downtrend. Standard gold and ornaments crashed Rs 330 each at Rs 13,000 and Rs 12,850 per 10 gram respectively. Sovereign lost Rs 25 at Rs 10,575 per piece of eight gram. Silver suffered heavy losses after the investors shifted their funds to forex and equity markets for quick buck. Silver ready plunged by Rs 450 at Rs 17,400 per kg and weekly-based delivery by Rs 500 at Rs 17,590 per kg. Silver coins also slumped by Rs 200 at Rs 26,700 for buying and Rs 26,800 for selling of 100 pieces.
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