Gold ends year on a weak note, tumbles Rs 260 on global cues

Thursday, Dec 31, 2015,16:12 IST By Metrovaartha A A A

New Delhi | Gold plunged by Rs 260 to Rs 25,390 per ten grams in the last trading day of 2015 at the bullion market today, tracking a weak trend overseas amid muted demand from jewellers.

The precious metal has lost further sheen for the third year in a row and recorded a steep fall of Rs 1,550 per ten grams largely on weak global cues amid the government seeking to monetise the gold holdings lying idle with households and institutions.

Silver also remained under selling pressure and traded further down by Rs 250 to close at Rs 33,300 per kg. Marketmen said apart from a weakening global trend, fall in demand from jewellers and retailers mainly led to the decline in the precious metals prices.

Globally, gold fell 0.76 per cent to USD 1,060.90 an ounce and silver shed 0.47 per cent to USD 13.88 an ounce in New York in yesterday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs 260 each to Rs 25,390 and Rs 25,240 per ten grams respectively. Sovereign, however, remained steady at Rs 22,200 per piece of eight grams in limited deals.

Tracking gold, silver ready fell by another Rs 250 to Rs 33,300 per kg and weekly-based delivery by Rs 142 to Rs 33,448 per kg.

Silver coins too plummeted by Rs 2,000 to Rs 46,000 for buying and Rs 47,000 for selling of 100 pieces.