Both gold and silver tumbled in the bullion market today due to reduced offtake by stockists and jewellery makers at existing higher levels amid a weak global trend.
While gold plunged by Rs 500 to Rs 26,440 per 10 grams, silver lost Rs 1,700 to Rs 53,500 per kg on sluggish demand. Trading sentiment turned bearish after gold declined in New York as three consecutive weeks of decline encouraged investors to refrain from making fresh purchases. Gold in global markets, which normally sets the price trend on the domestic front, recorded a sharp fall of USD 40 to USD 1,609.70 an ounce and silver by 6.12 per cent to USD 29.93 an ounce in New York last night.
From: http://ping.fm/EQodm
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