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Business News/ Market / Stock-market-news/  Gold prices hit 4-month low, slip Rs180 on overseas trend
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Gold prices hit 4-month low, slip Rs180 on overseas trend

Gold prices went down for the sixth straight day, plunging by Rs180 to over 4-month low of Rs29,400 per 10 grams at Delhi bullion market on Tuesday

Globally, gold prices fell by 0.54% to $1,241.40 an ounce and silver by 0.95% to $15.67 an ounce in New York in yesterday’s trade. Photo: Pradeep Gaur/MintPremium
Globally, gold prices fell by 0.54% to $1,241.40 an ounce and silver by 0.95% to $15.67 an ounce in New York in yesterday’s trade. Photo: Pradeep Gaur/Mint

New Delhi: Gold prices went down for the sixth straight day, plunging by Rs180 to over 4-month low of Rs29,400 per 10 grams at Delhi bullion market on Tuesday, hurt by a sluggish trend overseas and lower demand from jewellers.

Traders said, other than the weakness in demand from local jewellers, a weak trend overseas on higher chances of a rate hike by the US Federal Reserve later this week diminishing appeal for precious metals as a safe haven investment, led to the fall.

Globally, the yellow metal fell by 0.54% to $1,241.40 an ounce and silver by 0.95% to $15.67 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity tumbled by Rs180 each to Rs29,400 and Rs29,250 per 10 grams, the lowest since 5 August. It had lost Rs670 in the last five days. Sovereign, however, held steady at Rs24,400 per piece of eight grams.

In line with gold, silver ready went down by Rs25 to Rs37,775 per kg and weekly-based delivery slumped below the Rs37,000-mark by falling Rs215 to Rs36,900 per kg. Silver coins too plummeted by Rs1,000 each to Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

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Published: 12 Dec 2017, 03:12 PM IST
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