New Delhi: Gold prices plunged on the bullion market on 3 October, on emergence of selling by stockists and reduced offtake from jewellery fabricators as demand for the precious metal dropped in the overseas markets.
Gold was down in the New York exchange last night, losing over $19 at $730 an ounce for December delivery.
Marketmen said report of a weak trend in overseas markets came at a time when the domestic market was passing through an off season period due to ‘Shraddh’, an inauspicious period among Hindus for buying anything new.
They said some of the funds were shifting towards surging equity markets, as the benchmark Sensex reached near to fresh peak at 18,000-points level.
Standard gold and ornaments fell Rs75 each at Rs9,590 and Rs9,440 per 10 gram respectively. Sovereign, however, was unchanged at Rs7,850 per 8-gram piece.
Silver ready fell Rs250 at Rs18,000 a kg and weekly-based delivery by Rs459 at Rs18,150. Silver coins lost Rs100 at Rs24,000 for buying and Rs24,100 for selling of 100 pieces.