Gold falls by rs 215 on poor demand
GOLD FALLS BY RS 215 ON POOR DEMAND, WEAK GLOBAL CUES
New Delhi December 7:
Gold prices today plunged by Rs 215 to close at Rs 12,360 per 10 gram in the bullion market here on poor demand amid weak signals from global markets. Silver fell by Rs 150 to Rs 16,350 per kg.
Marketmen said reports that the precious metal tumbled in overseas market last evening pulled down its prices here. Poor demand on ending of marriage season also impacted the sentiments, they added. Gold in international markets fell after a report showed US employers eliminated jobs in November at the fastest pace in 34 years. A weak trend in crude oil prices was another dampening factor, they said.
In London, gold lost 14.79 dollars to 752.21 dollars an ounce after the US Labour Department said payrolls shrank by 533,000 workers last month. Standard gold and ornaments plunged by Rs 215 each at Rs 12,360 and Rs 12,210 per 10 gram respectively. Sovereign, lost Rs 50 at Rs 10,400 per piece of eight gram. Silver ready fell by Rs 150 to Rs 16,350 per kg and weekly-based delivery by Rs 160 to Rs 16,440 per kg. Silver coins, however, held steady at Rs 26,300 for buying and Rs 26,400 for selling of 100 coins.