Gold prices tumbled by Rs 175 per 10 gm to Rs 13,010 on the bullion market on Monday on fresh stockists offerings in view of fall in global markets.
Silver prices dropped further on lack of industrial demand.Gold prices came under pressure in London following rise in dollar and falling oil prices.
The dollar strengthened against the euro and oil prices fell below $52 a barrel after OPEC opted to defer production cut until mid-December at its meeting on Saturday.
Spot gold was trading at $796.70/798.30 an ounce, down from $813.00 an ounce late on Friday, while spot silver was at $9.85/9.93 an ounce from $10.26 an ounce. A spate of US economic data due this
week is likely to affect currency markets and gold, a dealer said.
In the local market, standard gold (99.5 purity) fell by Rs 175 per 10 gmto Rs 13,010 from the last weekend’s level of Rs 13,185. Pure gold (99.9 purity) also slipped by Rs 170 per 10 gm to Rs 13,070. Silver ready (.999 fineness) moved down further by Rs 115 per kilo to Rs 17,260 from
Rs 17,375.