Gold, silver tumble on stockists selling, global cues

New Delhi, Jun 24. Both the precious metals, gold and silver, today tumbled in the national capital on heavy selling by stockists, driven by a weak global trend. While gold tumbled by Rs 320 to Rs 27,320 per 10 grams, silver lost Rs 800 to Rs 41,500 per kg on reduced offtake by jewellers and industrial units. The sentiment turned bearish after gold fell in global markets on the prospect that reduced monetary stimulus from the US Federal Reserve may spur a stronger dollar and erode demand for a store of value. Gold in Singapore, which normally sets the price trend on the domestic front, fell by 1.4 per cent to USD 1,278.94 an ounce and silver by 2.8 per cent to USD 19.55 an ounce. In addition, sluggish demand due to off-marriage and festival season amid a weak trend at futures market where speculators offloaded their positions also dampened the sentiment. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 320 each to Rs 27,320 and Rs 27,120 per 10 grams, respectively. It had gained Rs 260 in the previous session. Sovereigns followed suit and shed Rs 50 to Rs 24,200 per piece of eight grams. In a similar fashion, silver ready dropped by Rs 800 to Rs 41,500 per kg and weekly-based delivery by Rs 700 to Rs 40,850 per kg. The white metal had gained Rs 600 in last trading session. However, silver coins held steady at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces in restricted buying.