Gold plunges by Rs 280 on weak global cues

Gold prices today tumbled by Rs 280 to Rs 14,490 per 10 gram in the bullion market here on brisk selling by stockists, triggered by weak global trend.      

Silver also lost Rs 600 to Rs 20,900 per kg on reduced offtake by industrial units at existing higher level.      

Marketmen said selling pressure gathered momentum after reports that gold lost 6.10 dollar to 882.09 dollar an ounce in London and silver by 0.8 per cent to 12.27 dollar an ounce.      

They said aggressive selling sparked by weakening global trend mainly pulled down gold prices.      

Retail customers were reluctant to buy gold even at this level on expectations of a further fall in the metal prices in the coming days which also influenced demand, they said.       

Standard gold and ornaments plunged by Rs 280 each to Rs 14,490 and Rs 14,340 per 10 gram, respectively, while sovereign held steady at Rs 12,350 per piece of eight gram.      

In a similar manner, silver ready dropped by Rs 600 to Rs 20,900 and weekly-based delivery by Rs 875 to Rs 20,450 per kg, respectively.      

However, silver coins continued to be asked around previous level of Rs 28,200 for buying and Rs 28,300 for selling of 100 pieces.