BackGold slips by Rs100, silver below Rs34,000 on global cues
Gold of 99.9% and 99.5% purity slumps by Rs100 to Rs25,650 and Rs25,500 per 10 grams, respectively, while silver falls Rs225 to Rs33,800 per kg
Premium
New Delhi: Taking weak cues from the global market and slack demand from jewellers, gold extended its slide for the second straight day as prices plunged ₹ 100 to ₹ 25,650 per 10 grams.
Silver slipped below the ₹ 34,000-mark by falling ₹ 225 to ₹ 33,800 per kg on reduced offtake by industrial units and coin makers.
Bullion traders said a weakening trend in the global market amid growing confidence in the US Fed to raise interest next month helped the dollar cement gains, eroding demand for the precious metals. Furthermore, a muted demand from jewellers and retailers pulled down gold prices, they said.
Globally, gold retreated as much as one per cent to $1,067.58 an ounce in Singapore on Monday, while it ended 0.43% down at $1,077.20 in New York a day ago.
Silver slumped 1.5% to $13.97 an ounce in Singapore on Monday, the lowest since august 2009.
In the national capital, gold of 99.9% and 99.5% purity slumped ₹ 100 each to ₹ 25,650 and ₹ 25,500 per 10 grams, respectively. The precious metal had lost ₹ 150 on Saturday.
Sovereign, however, remained flat at ₹ 22,200 per piece of eight grams in scattered deals. Following gold, silver ready cracked below the ₹ 34,000 mark by declining ₹ 225 to ₹ 33,800 per kg and weekly-based delivery by ₹ 290 to ₹ 33,300 per kg. Silver coins remained unchanged at ₹ 48,000 for buying and ₹ 49,000 for selling of 100 pieces.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
