(Photo: Reuters)
(Photo: Reuters)

Gold plunges 360 on tepid demand, weak overseas trend

  • 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.

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