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Gold, Silver Plunge On Weak Global Cues, Muted Demand

Following weak global sentiments and falling demand from local jewellers, Gold tumbled to Rs. 31,250 per 10 gram and Silver slumped to Rs. 37,700 per kg

Photo Credit : Reuters


Gold prices drifted lower by Rs 100 to Rs 31,250 per 10 gram at the bullion market today, snapping its three-day rising streak, amid weakening global trend and easing demand from the local jewellers. Silver followed suit and slumped below the Rs 38,000-mark by plunging Rs 650 to Rs 37,700 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said sentiment turned bearish on the back of weak trend overseas where gold edged lower with prices breaking back below the psychological USD 1,200 level as the dollar rose on the back of worries about escalating global trade tensions.

Globally, gold fell by 0.17 per cent to USD 1,198.80 an ounce and silver by 0.52 per cent to USD 14.43 an ounce in Singapore. Besides, a fall in demand from local jewellers and retailers at existing levels in the domestic spot markets, too, dampened the sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 31,250 and Rs 31,100 per 10 gram, respectively. The precious metal had gained Rs 270 in the last three days. Sovereign gold, however, remained flat at Rs 24,500 per piece of 8 gram.

Silver ready also dipped by Rs 650 to Rs 37,700 per kg and weekly-based delivery by Rs 420 to Rs 36,695 per kg. Silver coins, too, dropped by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.