Gold extends losses on global cues, tumbles Rs155
Gold of 99.9 and 99.5% purity plunged by Rs155 each to Rs28,020 and Rs27,820 per ten gram, respectively
New Delhi: Continuing its loss for the third day, gold prices plunged by Rs155 to close at over one-week low of Rs28,020 per ten gram in Delhi Bullion market on Tuesday. This was largely in tune with a weakening trend overseas amidst low demand from jewellers and retailers.
Bullion merchants said apart from subdued demand from jewellers and retailers despite ongoing festive season, a weakening global trend where gold eased to over one-week low as investors weighed the health of the global economy against tension between Ukraine and Russia, mainly weighed on precious metal prices.
Gold in Singapore, which normally set price trend on the domestic front, fell 0.80% to $1,275.28 an ounce, the lowest since 26 August and silver by 0.40% to $19.39 an ounce. Besides, shifting of funds towards the record-breaking equity markets from bullion too dampened the sentiment, they said.
In Delhi, gold of 99.9 and 99.5% purity plunged by Rs155 each to Rs28,020 and Rs27,820 per ten gram, respectively, a level last seen on 25 August. It had lost Rs125 in the previous two sessions. Sovereign, however, traded in a tight range in limited deals and settled at last level of Rs24,600 per piece of eight gram.
Tracking gold, silver ready also declined by Rs100 to Rs42,700 per kg while weekly-based delivery gained Rs50 at Rs42,190 per kg.
On the other hand, silver coins remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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