Gold prices plunge by Rs600 to below Rs31,000 level
New Delhi: Gold prices tumbled by Rs600 to hit almost a three-week low of Rs30,950 per 10 grams in the local market on Thursday due to weak global advises. Fall in demand from local jewellers too kept pressure on the precious metal.
Silver prices also cracked below the Rs39,000-mark by falling Rs450 to Rs38,900 per kg on poor offtake by industrial units and coin makers.
Traders said sentiments were downbeat as the precious metal fell to a four-week low on a firmer dollar amid expectations of more US interest rate hikes, diminishing appeal of gold as a safe haven bet. Gold rate fell 0.61% to $1,310.10 an ounce, and silver by 0.37% to $16.28 an ounce in Singapore.
In New Delhi, gold of 99.9% and 99.5% purity fell steeply by Rs600 each to Rs30,950 and Rs30,800 per 10 grams, respectively. Gold of 99.9% had at Rs30,950 on 18 January. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
Following gold, silver ready tumbled by Rs450 to Rs38,900 per kg and weekly-based delivery by Rs820 to Rs37,735 per kg. Silver coins, on the other side, were unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces in scattered deals.
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