Heavy selling in global markets has resulted in gold prices crashing to a seven-week low

Gold prices tumbled by Rs170 to a seven-week low of Rs16,450 per 10 grams in the bullion market here today on hectic selling triggered by negative global cues, reports PTI.

Standard gold and ornaments plunged by Rs170 each to Rs16,450 and Rs 16,300 per 10 grams, respectively. The metal has lost Rs 320 in the last three trading sessions.

Sovereign also weakened, shedding Rs50 to trade at Rs13,950 per eight-gram piece.

Selling pressure gathered momentum as gold fell the most since 12th February in New York last evening, losing $15.30 to close at $1,087.50 an ounce.

Traders refraining from purchasing gold on hopes of a further fall in prices, which also dampened the sentiment, market analysts said.

In line with the general weak trend, silver ready dropped by Rs275 to Rs26,550 per kg and weekly-based delivery by Rs220 to Rs26,250 per kg.

Silver coins lost Rs100 to Rs33,100 for buying and Rs33,200 for selling of 100 pieces.