Gold prices tumble by Rs 700 per 10 grams

June 08, 2012 21:21

Gold prices on Friday tumbled by Rs 700 per 10 grams to Rs 29,500, recording their second biggest fall this year as investors looked for alternate safe havens amid amid signs of a worsening Euro crisis.

Bullion traders in the national capital said the heavy sell-off by stockists was triggered by global trends in the prices of the precious metal. Earlier this year, the precious metal had lost Rs 920 on March 1.

Similarly, gold futures traded 0.18 per cent lower at Rs 29,065 per 10 gm largely in tandem with a weakening trend overseas. At the Multi Commodity Exchange, gold for delivery in June traded lower by Rs 52 to Rs 29,117 per 10 gm.

Apart from these factors, sluggish demand among domestic retailers and investors at prevailing higher levels of around Rs 30,000 further dampened the sentiment, dealers said.

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