Gold prices plunge by Rs460 on weak global cues, fall in demand
New Delhi: Gold prices tumbled by Rs460 to Rs31,390 per 10 grams at the bullion market on Wednesday, snapping their four-day rising streak due to subdued global cues amid slump in local jewellers’ demand. Silver also fell by Rs250 to Rs39,300 per kg owing to reduced offtake by industrial units and coin makers.
Traders said sentiment was downbeat as the precious metal fell in global markets because the dollar held recent highs after US Federal Reserve chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.
Gold rate fell 0.07% to $1,316.80 an ounce, and silver by 0.37% to $16.32 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity plunged by Rs460 each to Rs31,390 and Rs31,240 per 10 grams, respectively. The precious metals had gained Rs500 in the previous four sessions. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams in limited deals.
Following gold, silver ready drifted down by Rs250 to Rs39,300 per kg and weekly-based delivery by Rs425 to Rs38,125 per kg. Silver coins, however, were unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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