Free Press Journal

Gold tumbles on stockists selling

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Mumbai: Gold resumed its downward journey after a brief recovery and tumbled to hit its lowest level in four months at the bullion market here today tracking fresh bout of selling by participants amid subdued global cues. In contrast, silver gained marginally on the back of stray industrial demand. Standard gold (99.5 purity) dropped by Rs 165 to conclude at Rs 25,830 per 10 grams from Satuday’s closing level of Rs 25,995.

Pure gold (99.9 purity) also went down by a similar margin to end at Rs 25,980 per 10 grams as compared to Rs 26,145. However, silver (.999 fineness) moved up by Rs 40 to finish at Rs 36,180 per kg compared to Rs 36,140 last weekend. On the global front, the shiny metal was trading near its lowest in over three months pressured by stronger dollar amid caution ahead of a key Federal Reserve policy meet this week.

Spot gold was marginally lower at USD 1157.80 an ounce in early European trade.