BackGold, silver plunge on global cues, higher rupee
Gold of 99.9 and 99.5% purity plunged by Rs500 each to Rs29,600 and Rs29,400 per 10 grams, respectively
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New Delhi: Gold prices plunged by ₹ 00 to ₹ 9,600 per 10 grams in Delhi bullion market on Friday due to low demand from jewellers and retailers amid a weak global trend and strengthening rupee. Silver also plummeted by ₹ 900 to ₹ 41,500 per kg on poor offtake by industrial units and coin makers.
Traders said subdued demand from jewellers and retailers at prevailing levels and a weak global trend led to fall in gold and silver prices.
Besides, appreciating rupee against the dollar which make the import of precious metals cheaper and investors diverting their funds from bullion to surging equity markets, also influenced the sentiment, they said.
Rupee was trading at 11-month high of 58.62 per dollar.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.20% to $1,294.20 an ounce and silver by 0.51% to $19.36 an ounce.
In Delhi, gold of 99.9 and 99.5% purity plunged by Rs500 each to Rs29,600 and Rs29,400 per 10 grams, respectively, while sovereign shed Rs100 to Rs24,900 per piece of 8 grams.
In a similar fashion, silver ready tumbled by Rs900 to Rs41,500 per kg and weekly-based delivery by Rs1,070 to Rs41,130 per kg.
Silver coins, however, remained steady at Rs79,000 for buying and Rs80,000 for selling of 100 pieces.
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