Gold prices plunge Rs200 on muted demand, global cues
New Delhi: Gold prices tumbled by Rs200 to Rs30,050 per 10 gram at the bullion market on Wednesday on muted demand from local jewellers and a weak trend overseas. Silver too slumped by Rs500 to Rs38,500 per kg due to reduced offtake by industrial units and coin makers.
Traders said besides fall in demand from local jewellers and retailers at the spot market, a weak trend overseas mainly weighed on gold prices. Globally, gold rate fell 0.76% to $1,265.90 an ounce and silver by 1.41% to $16.06 an ounce in New York in Tuesday’s trade.
In the national capital, gold of 99.9% and 99.5% purity went down by Rs200 each to Rs30,050 and Rs29,900 per 10 gram, respectively. It had gained Rs50 in Tuesday’s trade. Sovereign also traded lower by Rs100 to Rs24,500 per piece of eight gram.
Tracking gold, silver ready dropped by Rs500 to Rs38,500 per kg, while weekly-based delivery traded higher by Rs265 to Rs37,775 per kg on speculative buying. Silver coins too plunged by Rs1,000 to Rs72,000 for buying and Rs73,000 for selling of 100 pieces.