Gold, silver tumble on weak global cues, low demand

October 08, 2015 15:02

Gold retreated from one-month high by falling Rs 200 to Rs 26,650 per 10 grams at the bullion market today largely in tandem with weak global cues and fall in demand from jewellers.

Silver followed suit and plunged by Rs 550 to Rs 36,700 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said besides a weak global trend as investors awaited minutes from the Federal Reserve's last meeting for clues on the timing of an interest rate hike, slackened demand from jewellers and retailers at the existing levels pulled down the precious metal from its one-month high.

In the international market, gold dropped 0.3 per cent to USD 1,141.76 an ounce in Singapore today. Silver also slumped 2.5 per cent to USD 15.65 an ounce.

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