New Delhi, March 25: Gold prices tumbled by Rs 170 to a seven-week low of Rs 16,450 per ten grams in the bullion market here today on hectic selling triggered by negative global cues.
Standard gold and ornaments, plunged by Rs 170 each to Rs 16,450 and Rs 16,300 per ten grams, respectively. The metal has lost Rs 320 in the last three trading sessions.
Sovereign also weakened, shedding Rs 50 to trade at Rs 13,950 per eight-gram piece.
Selling pressure gathered momentum as gold fell the most since February 12 in New York last evening, losing USD 15.30 to close at USD 1,087.50 an ounce.
Traders refraining from purchasing gold on hopes of a further fall in prices also dampened the sentiment, marketmen said.
–Agencies