Gold tumbles Rs260 on weak global cues

New Delhi: Gold prices retreated from one-month high to slip below the Rs27,000-mark by falling Rs260 per 10 grams, snapping its three-day rising streak, in Delhi bullion market on Saturday, largely in tune with weak global cues and fall in demand from jewellers.

Bullion traders said besides a weak global trend, easing demand from jewellers and retailers at the existing levels dragged down the precious metal from its one-month high.

Globally, gold dropped 0.7% to $1,145.60 an ounce in New York in yesterday's trade. The metal had climbed to $1,156.40 on Thursday, the highest since 24 August. Silver also declined 0.1% to $15.11 an ounce.

In the national capital, gold of 99.9% and 99.5% purity plunged Rs260 each to Rs26,990 and Rs26,840 per 10 grams, respectively. It had gained Rs740 in the previous three sessions. Sovereign also declined Rs100 to Rs22,400 per piece of eight grams.

Following gold, silver ready dropped by Rs585 to Rs35,915 per kg and weekly-based delivery by Rs130 to Rs36,090 per kg. Silver coins too tumbled by Rs1,000 to Rs52,000 for buying and Rs53,000 for selling of 100 pieces.