Gold plunges Rs 500 on global cues, muted demand


Published On: Sep 13, 2017 03:09 PM IST |   44

Gold plunges Rs 500 on global cues, muted demand

Gold recorded a steep fall of Rs 500 in its prices to close at Rs 30,350 per 10 grams at the bullion market today, tracking a weak trend overseas amid tepid demand from local jewellers.

However, silver recovered by Rs 200 to Rs 41,850 per kg on scattered enquiries from industrial units and coin makers.

Traders said, a weak trend overseas as concerns over North Korea and the US hurricanes faded, fuelling demand for riskier assets lifting global stocks to record highs, kept pressure on the precious metal prices here.

Besides, fading demand from local jewellers as well as retailers attributed to the fall in prices, they added.

Globally, gold price fell 0.03 per cent to USD 1,331 an ounce in Singapore today.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity tumbled by Rs 500 each to Rs 30,350 and Rs 30,200 per ten grams, respectively. It had lost Rs 150 yesterday.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 200 to Rs 41,850 per kg and weekly-based delivery by Rs 270 to Rs 41,300 per kg.

Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in scattered deals.

          Also read-Reyan School Murder: DNA samples of accused sent to Karnal Lab for testing

Related News

Big News

Like Us

Pic of the day


Breaking News

Another rape accused Baba 'Phalahari Maharaj' arrested | Subramanian to get extension as CEA for one year: FM | PM Modi lays foundation for toilet under Swachh Bharat Abhiyan | BHU girl students block road to protest during PM Modi's visit | Biggest challenge India facing today is giving jobs to youths: Rahul Gandhi | BSF retaliates indiscriminate firing by Pak in J&K's Ramgarh sector | Chhattisgarh: Naxal killed in encounter with police in Sukma district | Sushma discussed peace, reconciliation process with Afghanistan, says MEA | Pak PM Abbasi says military has routed Taliban from Afghan border | J-K: One civilian dead, seven CRPF personnel injured in grenade attack |