Gold tumbles on stockists selling, global slide

New Delhi-India (Apr 25)   Gold prices drifted sharply at the domestic bullion market here on Saturday due to heavy selling from jewellery stockists and retailers amid subdued local demand.

 Elsewhere, silver also fell modestly after a brief overnight pause owing to lack of industrial support.

 Standard gold (99.5 purity) slumped by Rs 100 to finish at Rs 26,655 per 10 grams from Friday's closing level of Rs 26,755.

Pure gold (99.9 purity) also went down by a similar margin to end at Rs 26,805 per 10 grams as compared to Rs 26,905 previously.

 Silver (.999 fineness) declined by Rs 80 to conclude at Rs 36,770 per kg as against Rs 36,850 on Friday.

 In global markets, the yellow metal plummeted sharply to hit its lowest level in more than a month on the back of heavy investors selling tracking a mixed bag of US macro indicators amidst extreme caution ahead of FOMC meeting next week.

 Gold for June delivery fell to settle at USD 1,176.60 an ounce on the Comex division of the NYMEX late yesterday, while silver for May contracts moved down to USD 15.675 an ounce.

Source: TimesOfIndia