BackGold prices plunge to nearly three-week low of Rs29,100
Weak trend overseas and a slump in demand from local jewellers led to a decline in gold prices by Rs70 to nearly three-week low of Rs29,100 per 10 grammes on Monday
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New Delhi: Gold prices tumbled by Rs70 to trade at nearly three-week low of Rs29,100 per 10 grammes at the bullion market on Monday amid a weak trend overseas and slump in demand from local jewellers.
Silver also eased by Rs100 to Rs38,700/kg backed by reduced offtake by industrial units and coin makers.
Traders said apart from a weak trend overseas in the wake of signals from the US Federal Reserve for another hike in interest rates in 2017, eroding demand for the precious metal as a safe haven, fall in demand from local jewellers and retailers mainly weighed on gold prices.
Globally, gold fell 0.33% to $1,249.30 an ounce and silver by 0.51% to $16.60 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5% purity slipped by Rs70 each to Rs29,100 and Rs28,950 per 10 grammes respectively, a level last seen on 31 May. It had gained Rs55 in Saturday’s trade.
Sovereign, however, remained unaltered at ₹ 24,400 per piece of eight grammes. Following gold, silver ready fell by ₹ 00 to ₹ 8,700/kg and weekly-based delivery by ₹ 20 to ₹ 38,360/kg. Silver coins too plunged by ₹ ,000 to ₹ 1,000 for buying and ₹ 2,000 for selling of 100 pieces.
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