Gold plunges on weak global cues, low demand

NEW DELHI: Snapping its two day rising streak, gold prices slid by Rs 150 to Rs 25,750 per ten grams at the bullion market on Saturday, tracking a weak trend overseas amid easing demand from jewellers at prevailing levels.

Silver followed suit and declined by Rs 275 to Rs 34,025 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said besides weak global trend, fall in demand from jewellers and retailers at existing levels mainly kept pressure on the precious metals prices here.

Globally, gold fell 0.43 per cent to USD 1,077.20 an ounce and silver by 0.63 per cent to USD 14.20 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 150 each to Rs 25,750 and Rs 25,600 per ten grams, respectively. It had gained Rs 275 in the previous two sessions.

Sovereign also declined by Rs 100 to Rs 22,200 per piece of eight grams.

In a similar fashion, silver ready dropped by Rs 275 to Rs 34,025 per kg and weekly-based delivery by Rs 295 to Rs 33,590 per kg.

On the other hand, silver coins continued to be asked at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

Read full article: TOI

By praful

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