MUMBAI: Three major factors combined together to push down gold prices in India by over 100 rupees per 10 gram in the bullion market on Tuesday.
Fresh arrival of the precious metal coupled with slowdown in retail demand and fall in global rates pushed down the prices by Rs 110 to 12,880 per 10 gram.
Silver prices also plunged by Rs 800 to Rs 24,000 per kg on heavy selling sparked by reports of a weakening global trend.
Standard gold and ornaments dropped by Rs 110 each to Rs 12,880 and Rs 12,730 per 10 gram respectively. Sovereign was unchanged at Rs 10,050 per piece of eight gram.
Silver ready tumbled by Rs 800 to Rs 24,000 per kg and weekly-based delivery by a same m argin at Rs 25,400 per kg. Silver coins followed suit and lost Rs 100 to Rs 26,000 for buying and Rs 26,900 for selling of 100 pieces.
Traders said selling pressure in silver gathered momentum on reports that the white metal fell below $20 an ounce in global markets, which normally set prices in domestic markets.
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