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Business News/ Market / Stock-market-news/  Gold, silver plunge on fall in demand, global cues
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Gold, silver plunge on fall in demand, global cues

Gold of 99.9 and 99.5% purity plunged by Rs190 each to Rs27,610 and Rs27,410 per ten gram respectively

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3% to $1,246.53 an ounce. Photo: Priyanka Parashar/MintPremium
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3% to $1,246.53 an ounce. Photo: Priyanka Parashar/Mint

New Delhi: After Wednesday’s rise, gold prices drifted by Rs190 to close at Rs27,610 per ten gram on Thursday in Delhi bullion market on easing demand from jewellers and retailers amidst a weak global trend.

Bullion traders said besides fall in demand, ongoing “sharads", an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals. They said weak global trend where gold traded at almost three-month low as strengthening dollar reduced demand for the bullion as an alternative investment amid easing tensions in Ukraine, also dampened the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,246.53 an ounce and silver by 0.3% to $18.91 an ounce.

In Delhi, gold of 99.9 and 99.5% purity plunged by 90 each to 7,610 and 7,410 per ten gram respectively. It had gained 00 on Wednesday. Sovereign, however, continued to be traded at last level of 24,500 per piece of eight gram in limited deals.

Similarly, silver ready fell by Rs270 to Rs41,900 per kg and weekly-based delivery by Rs310 to Rs41,890 per kg. On the other hand, silver coins spurted by Rs1,000 to Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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Published: 11 Sep 2014, 04:09 PM IST
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