Zee Media Bureau/Ajeet Kumar
Gold prices tumbled below Rs 28,000 level by falling Rs 197 to Rs 27,890 per ten grams in futures trade Tuesday as market participants offloaded their positions in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in August declined by Rs 197 or 0.70 percent to close at Rs 27,890 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, fell 0.5 percent to USD 1,305.40 an ounce.
Meanwhile, gold prices plunged by Rs 275 to Rs 28,200 per ten gram in the national capital on Tuesday on stockists selling, tracking a weak global trend.
Besides, subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices, traders said.
Silver also declined by Rs 200 to Rs 45,200 per kg on weak demand from industrial units and coin makers.Delhi
Gold of 99.9 and 99.5 percent purity lost Rs 275 each at Rs 28,200 and Rs 28,000 per ten gram respectively, while sovereign eased by Rs 100 at Rs 24,800 per piece of eight gram.
In a similar fashion, silver ready traded lower by Rs 200 to Rs 45,200 per kg and weekly-based delivery by Rs 175 to Rs 44,910 per kg. Silver coins also dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.International markets
Gold in overseas markets, which normally set price trend on the domestic front, fell 0.5 percent to USD 1,305.40 an ounce.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 27,960 / SILVER: Rs 45,535Delhi
GOLD: Rs 28,200 / SILVER: Rs 45,200Chennai
GOLD: Rs 28,400/ SILVER: Rs 45,305Kolkata
GOLD: Rs 28,490/ SILVER: Rs 44,950Bangalore
GOLD: Rs 28,403/ SILVER: Rs 45,700Hyderabad
GOLD: Rs 28,600 / SILVER: Rs 45,500
First Published: Tuesday, July 22, 2014, 18:56