Gold, silver tumble on stockists selling, weak global cues

New Delhi, May 28. Both the precious metals, gold and silver fell in the national capital today on stockists selling at existing higher levels, driven by a weak global trend. While gold tumbled by Rs 465 to Rs 26,950 per ten grams, silver shed by Rs 880 to Rs 44,000 per kg on reduced offtake. Sentiment turned bearish after gold declined in global markets, boosting the case for reduced stimulus. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.6 per cent to USD 1,386.22 an ounce and silver by 0.7 per cent to USD 22.48 an ounce in Singapore. In addition, sluggish demand at prevailing higher levels and rising equities lured investors to park their funds in stock markets, which had negative impact on the precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 465 each to Rs 26,950 and Rs 26,750 per ten grams, respectively. It had gained Rs 465 in the previous two session. Sovereign followed suit and declined by Rs 100 to Rs 23,700 per piece of eight gram. In a similar fashion, silver ready dropped by Rs 880 to Rs 44,000 per kg and weekly-based delivery by Rs 235 to Rs 43,360 per kg. The white metal had gained Rs 880 in last three sessions. However, silver coins held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in scattered deals.