Gold price down Rs 195 on global cues

New Delhi-India (Dec 7)  Gold price plummeted by Rs 195 to Rs 26,675 per 10 gm at the bullion market in the national capital today due to a weakening trend overseas.

Slackened demand from jewellers and retailers at current levels also kept pressure on prices of the precious metal.

Silver followed suit and ended lower by Rs 200 to Rs 36,700 per kg on lack of buying support from industrial units and coin makers.

Bullion traders attributed the fall in gold prices to a weakening global trend after the USA added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.

Source: TheStatesman