Gold at 3-month low, tumbles Rs520 on weak global cues
New Delhi: Gold prices on Saturday plunged by Rs520, its biggest fall this year, to trade at an over three-month low of Rs26,540 per 10 gram at Delhi bullion market, tracking a weak global trend amid subdued demand from jewellers and retailers.
Bullion merchants said apart from slackened demand from jewellers and retailers, a weak global trend amid the US economy adding more jobs in February than forecast, has cut demand for the precious metal as a safe-haven, leading to fall in gold and silver prices.
Bullion market remained closed on Thursday and Friday on account of “Holi” festival.
Gold in New York, which normally determines price trend on the domestic front, dropped by $29.30, or 2.45%, to 1,168.70 an ounce and silver by 1.70% to $15.93 an ounce in Friday’s trade.
In the national capital, gold of 99.9 and 99.5% purity suffered this year’s biggest fall of Rs520 each to Rs26,540 and Rs26,340 per 10 grams respectively. Previously, the precious metal had recorded the largest decline of Rs510 on 18 February 18 last month. Sovereign too declined by Rs100 at Rs23,600 per piece of eight grams.
Tracking gold, silver ready fell by Rs500 to Rs36,300 per kg and weekly-based delivery by Rs300 to Rs36,000 per kg. Silver coins nosedived by Rs2,000 to Rs57,000 for buying and Rs58,000 for selling of 100 pieces.