NEW DELHI: Gold prices on Monday tumbled by Rs 120 to Rs 14,760 per 10 gram in the bullion market here on sustained selling by stockists, influenced by weakening global trend.
Marketmen said trading sentiment remained bearish as gold fell to the lowest in more than a week in the global markets as the dollar strengthened against major currencies, reducing the metal's appeal as an alternative investment.
Absence of marriage and festival season demand further led to the downtrend, they added.
Silver also lost Rs 50 to Rs 22,950 per kg. In the global markets, which normally set price trend in the domestic markets, gold lost 6.63 dollar to 948.63 dollar an ounce and silver by two per cent to 14.985 dollar an ounce.
Standard gold and ornaments remained under selling pressure and plunged by Rs 120 each to Rs 14,760 and Rs 14,610 per 10 gram, respectively. Sovereign also lost Rs 50 to Rs 12,350 per piece of eight gram.
In line with a general weakening trend, silver ready declined by Rs 50 to Rs 22,950 per kg and weekly-based delivery by Rs 550 to Rs 23,150 per kg, respectively.
Silver coins lost Rs 100 at Rs 29,500 for buying and Rs 29,600 for selling of 100 pieces.
