NEW DELHI: Gold prices tumbled by Rs 350 to Rs 14,385 per 10 gram in the national capital on Thursday on fresh selling by investors and funds
shifting to surging global equities.
Silver also plunged by Rs 230 to Rs 20,700 per kg. The precious metal lost support following reports of it falling over 12 dollar an ounce in New York last evening on emergence of selling by investors as they shifted funds from bullion to surging equity markets.
The stock markets across the globe remained in better form on expectations of an early rebound in economic slowdown after the leaders of G-20 decided more stimulus packs.
The metal in overseas markets dropped to 877.50 dollar an ounce from previous levels of 889.80 dollar, owing to a rally in equities which eroded the appeal of gold as an alternative investment, traders said.
They said strong Indian rupee against the American currency, also made the dollar-priced gold cheaper.
Silver ready plunged by Rs 230 to Rs 20,700 per kg and weekly-based delivery by Rs 270 to Rs 20,400 per kg. Silver coins declined by Rs 100 to Rs 27,700 for buying and Rs 27,800 for selling of 100 pieces.
Standard gold and ornaments dropped by Rs 350 each to Rs 14,385 and Rs 14,270 per 10 gram, respectively. Sovereign also fell by Rs 100 to Rs 12,200 per piece of eight gram.
