Gold pulls back after stellar run amid weak overseas cues

Mumbai-India (Oct 18)  Snapping a three-session rally, gold prices tumbled at the domestic bullion market here following a fresh bout of profit-taking by stockists and speculators in the face of lacklustre global sentiment.

Elsewhere, silver also plummeted sharply moving in line with the general trend coupled with reduced industrial demand.

Standard gold (99.5 purity) slumped by Rs 275 to finish at Rs 27,245 per 10 grams compared to Thursday's Rs 27,520.

Pure gold (99.9 purity) also tumbled by a similar margin to end at Rs 27,395 per 10 grams from Rs 27,670.

Silver (.999 fineness) dropped by Rs 470 to conclude at Rs 39,350 per kg against Rs 39,820 yesterday.

Globally, the shiny-metal retreated modestly.

Though ongoing financial markets turmoil and expectations of the US Federal Reserve maintaining its highly accommodative stance for a longer-than-expected period supported its safe-haven appeal.

Spot gold was bid lower at USD 1,237.80 an ounce in early European trade.

Source: FinancialExpress