New Delhi: Gold prices tumbled on the bullion market on Saturday due to aggressive selling by stockists influenced by weakening overseas trend amid drying demand in local markets due to off marriage season.
Gold was down by Rs 340 at Rs 9,910 per ten gram in the absence of buying by retail customers and jewellery fabricators, as stockists continued to sell on reports the metal in overseas markets revealed an over night heavy loss.
Gold fell 7.8 percent in the week to 659.20 dollar an ounce in London, dropping from a 26-year high of 730.40 dollar on May 12 and silver rising a record level over 14.50 dollar.
A similar weak trend was noticed in silver on reduced offtake by industrial units and stockists, against reports of new stocks coming from neighbouring states.
Marketmen said the ending marriage season at this time dampened trading sentiment, which was already passing through a rough patch.
They said the activity in the market remained dull as most of the retail customers extended their decision to buy gold at prevailing high levels in the last few days.
Standard gold and ornaments dropped by Rs 340 each at Rs 9910 and Rs 9760 per ten gram respectively. Sovereign dropped by Rs 200 at Rs 8000 per piece of eight gram.
Silver ready plunged by Rs 700 at Rs 19,100 per kilo and weekly-based delivery by Rs 2560 per kilo as speculators unwind their long positions in view of a fall in its prices in overseas markets last night.
Silver coins were unchanged at Rs 23,000 for buying and Rs 23,200 for selling of 100 pieces.
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