Gold prices fall on muted demand
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New Delhi: Gold prices on Tuesday cracked below the Rs29,000-mark by plunging Rs 150 to Rs 28,900 per 10 grams, taking a hit from sluggish trend overseas and fall in demand from local jewellers.
Silver also fell by Rs 180 to Rs 40,800 per kg due to reduced offtake by industrial units and coin makers.
Traders said demand weakness brought on by the end of wedding season at the domestic spot market kept up the heat.
Globally, gold fell by 0.22% to $1,201.10 an ounce and silver by 0.35% to $16.89 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity dropped by Rs150 each to Rs28,900 and Rs28,750 per 10 grams, respectively.
The precious metals had gained Rs200 on Saturday. The market was shut on Monday on account of Holi. Sovereign, however, moved up by Rs100 to Rs 24,400 per piece of eight grams in scattered deals. Following gold, silver ready declined by Rs180 to Rs40,800 per kg and weekly-based delivery traded lower by a similar margin to Rs 40,350 per kg.
Silver coins too plummeted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.