Gold tumbles by Rs 190 on stockists selling; global cues

Gold prices fell sharply by Rs 190 to Rs 29,800 per ten grams in the national capital today, extending yesterday's losses on continued selling by stockists amid a weak trend overseas.
However, silver managed to close steady at Rs 52,200 per kg on scattered support.
Traders said increased selling by stockists triggered by a weak global trend as a stronger dollar reduced the appeal of the precious metal as an alternative investment, mainly influenced the sentiment.
In the global market, which normally set a price trend on the domestic front, gold fell by USD 9.60 to USD 1,572.70 an ounce, while silver by 0.18 per cent to USD 27.30 an ounce in New York in yesterday's trade.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 190 each to Rs 29,800 and Rs 29,600 per ten grams, respectively. It had shed Rs 40 in the previous session. Sovereign remained flat at Rs 25,100 per piece of eight gram.
On the other hand, silver ready after moving in a tight range on some support, held steady at Rs 52,200 per kg while weekly-based delivery inched up by Rs 20 to Rs 51,345 per kg. Silver coins continued to be traded at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.