Gold tumbles by Rs 220 on subdued demand, global cues

New Delhi, Sept 29:

declined by Rs 220, falling for the fourth day in a row, to Rs 31,580 per 10 grams in the bullion market here today on poor demand at prevailing higher levels amid a weak global trend.

Silver also lost Rs 250 to Rs 61,000 per kg on reduced offtake by industrial units. Traders said fall in demand at prevailing higher levels and weak cues from overseas market mainly led to the fall in gold prices.

In New York, gold prices fell by 0.4 per cent to USD 1,773.90 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 220 each to Rs 31,580 and Rs 31,380 per 10 grams, respectively.

The metal has lost Rs 310 in last three sessions. Sovereign continued to be asked around previous level of Rs 25,400 per piece of eight grams.

Silver ready declined by Rs 250 to Rs 61,000 per kg, while weekly-based delivery spurted by Rs 1,520 to Rs 62,770 per kg on the back of speculators buying. Silver coins remained steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

PTI