Gold 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.
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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 Rs 24,400 per piece of eight grammes. Following gold, silver ready fell by Rs100 to Rs38,700/kg and weekly-based delivery by Rs120 to Rs 38,360/kg. Silver coins too plunged by Rs1,000 to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.