Home > market > stock-market-news > Gold, silver plunge on weak global cues, low demand

New Delhi: Snapping its three-day rising streak, gold prices retreated by Rs285 to Rs27,190 per 10 grams in Delhi bullion market on Friday amid a weak trend overseas and subdued demand from jewellers at current levels.

Bullion traders said sentiments turned bearish on weak global trend where gold extended the biggest loss in almost eight weeks after a report showed applications for US jobless benefits declined last week to the lowest in 15 years, boosting speculation that the Federal Reserve may raise interest rates sooner than expected.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3% to $1,180.78 an ounce. Besides, easing demand from jewellers and retailers at existing levels dampened the sentiment, they said.

In the national capital, gold of 99.9 and 99.5% purity tumbled by Rs285 each to Rs27,190 and Rs27,040 per 10 grams, respectively. The metal had gained Rs425 in previous three sessions. The Sovereign, however, held steady at Rs23,700 per piece of eight grams in limited deals.

Following gold, silver ready dropped by Rs700 to Rs36,700 per kg and weekly-based delivery by Rs945 to Rs36,515 per kg. Silver coins followed suit and plummeted by Rs1,000 to Rs55,000 for buying and Rs56,000 for selling of 100 pieces.

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