Gold, silver plunge from record on weak global cues

After touching record levels, gold and silver fell in the bullion market here on Tuesday on selling by stockists influenced by a weakening trend in Asian markets.

Standard gold and ornaments, which set a new peak of Rs 13,560 and Rs 13,410 in previous day’s trading, tumbled by Rs 270 to Rs 13,290 and Rs 13,140 per ten grams respectively.

Silver followed suit and suffered a setback of Rs 1,300 to Rs 24,500 and weekly-based delivery by Rs 1,290 to Rs 26,070 per kg respectively. Silver coins lost Rs 200 to Rs 27,100 for buying and Rs 27,200 for selling of 100 coins.

Marketmen said emergence of selling by stockists to book profits mainly led to a fall in both gold and silver prices.

Gold fell to 994.38 dollar an ounce from all-time high of 1,032.70 dollar. Silver also fell by 0.7 per cent to 20.03 dollar an ounce.

Fresh softness in crude oil and recovery move in equity markets also reduced the precious metals demand, they added.

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