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05-08-2012, 10:29 PM #1
Gold plunges Rs 305 on global cuesGold prices tumbled Rs 305 to Rs 29,315 per 10 gm on the bullion market on Tuesday on heavy selling by stockists, triggered by weak global trend.
With the general weakening trend, silver dropped by Rs 700 to Rs 55,000 per kg on reduced off-take by industrial units and coins makers.
Poor demand among retail customers at prevailing higher levels further dampened the trading sentiment in both the precious metals.
Sentiment remained bearish after gold in overseas markets fell as a stronger dollar curbed demand for the metal as an alternative asset and as commodity prices slipped.
Gold in global markets, which normally set price trend on the domestic front, fell 0.7 per cent to USD 1,627.74 an ounce in London....being a human...