Gold price tumbles to 6-week low of Rs. 28,930

New Delhi-Inida (July 6)  Gold prices tumbled by Rs. 290 to trade at a six-week low of Rs. 28,930 per ten gram at the bullion market today amid a weak trend overseas and slump in demand from local jewellers.

Silver followed suit and fell by Rs. 200 to Rs. 38,500 per kg.

Traders said apart from a weak trend overseas, drop in demand from local jewellers and retailers at the domestic spot market mainly pulled down gold prices.

Globally, gold fell 0.27 per cent to $1,223.40 an ounce and silver by 0.56 per cent to $15.98 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs. 290 each to Rs. 28,930 and Rs. 28,780 per ten gram respectively, a level last seen on May 23. It had lost Rs. 190 in the last three days.

Sovereign, however, remained unaltered at Rs. 24,400 per piece of eight gram.

Silver ready also declined by Rs. 200 to Rs. 38,500 per kg, while weekly-based delivery edged up by Rs. 155 to Rs. 37,485 per kg.

Silver coins, however, continued to be traded at the previous level of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

Source: BusinessLine