Gold tumbles on reduced offtake, weak global cues

New Delhi, Dec 6. Gold prices fell by Rs 465 to Rs 30,785 per ten gram in the national capital today on reduced offtake by stockists at existing higher levels amid a weak global trend. Silver remained under selling pressure for the fourth straight day and lost Rs 200 to Rs 43,600 per kg, after losing Rs 1,275 in the previous three sessions. Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices. Gold in New York, which normally sets price trend on the domestic front, fell by 1.46 per cent to USD 1,225.10 an ounce and silver by 1.42 per cent to USD 19.44 an ounce last night. On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 465 each to Rs 30,785 and Rs 30,585 per ten gram, respectively. It had shot up by Rs 450 yesterday. Sovereign held steady at Rs 25,200 per piece of eight gram in scattered deals. Similarly, silver ready fell by Rs 200 to Rs 43,600 per kg and weekly-based delivery by Rs 120 to Rs 44,180 per kg, while silver coins remained unchanged at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.