Gold plunges ₹360 on tepid demand, weak overseas trend1 min read . Updated: 11 Jun 2019, 04:08 PM IST
- Easing demand from jewellers at the domestic market also led to the fall
- Globally, spot gold was trading lower at $1,322.70 an ounce in New York
New Delhi: Gold prices fell by ₹360 to ₹33,370 per 10 gram in the national capital Tuesday tracking a weak trend overseas and tepid demand from local jewellers, according to the All India Sarafa Association.
Silver also followed suit and weakened by ₹290 to ₹37,560 per kg due to reduced offtake by industrial units and coin makers.
Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic market.
Globally, spot gold was trading lower at $1,322.70 an ounce in New York amid easing global trade war concerns after the US dropped its threat to impose tariffs on Mexico, reducing the yellow metal's appeal as safe-haven. Silver was down at $14.74 an ounce.
In the national capital, gold of 99.9% and 99.5% purity declined by ₹360 to ₹33,370 per 10 gram and ₹33,200 per 10 gram, respectively.
Sovereign gold, however, remained flat at ₹26,700 per eight gram.
Silver ready fell by ₹290 to ₹37,560 per kg, while weekly-based delivery dropped ₹72 to ₹36,655 per kg.
Silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
This story has been published from a wire agency feed without modifications to the text.