Gold plunges on weak global cues, slack demand

RSTV Bureau
File photo: Representative image.

File photo: Representative image.

Gold prices tumbled by Rs 300 to Rs 30,200 per 10 grams at the bullion market today, taking cues from a weak trend overseas and slack demand from local jewellers.

Silver also fell by Rs 150 to Rs 39,000 per kg on reduced offtake by industrial units and coin makers.

Traders said that besides a weak trend in the overseas market as strength in dollar reduced appeal for the precious metal as a safe-haven, fall in demand from local jewellers and retailers at domestic spot market, weighed on the gold prices.

Globally, gold fell by 0.46 per cent to USD 1,273.70 an ounce and silver by 0.40 per cent to USD 16.36 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dived Rs 300 each to Rs 30,200 and Rs 30,050 per 10 grams, respectively. The precious metal had gained Rs 250 in the previous session.

Sovereign also slipped by Rs 100 to trade at Rs 24,600 per piece of eight grams.
Following gold, silver ready dropped by Rs 150 to Rs 39,000 per kg and weekly-based delivery by Rs 10 to Rs 37,570 per kg.

Silver coins, however, remained flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.