Comments
Gold prices plunged by Rs 300 to Rs 29,750 per 10 grams due to subdued demand from domestic and overseas markets.
The plunge was sharper in silver, which cracked below the Rs 40,000 level to Rs 39,300 per kg, a loss of Rs 800, due to drop in consumption.
Data on US manufacturing came in better-than-expected, which in turn increases the probability of higher returns from the dollar and treasuries. Additionally, receding geo-political worries involving North Korea and the US made the precious metals lose sheen.
Globally, gold fell 0.09 per cent to $1,270 an ounce in Singapore. Fading demand from local jewellers and retailers at the current level pulled down gold prices further.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 300 each to Rs 29,750 and Rs 29,600 per 10 grams, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight grams in limited deals.
Silver ready dropped as much as Rs 800 to Rs 39,300 per kg and weekly-based delivery Rs 885 to Rs 38,365. Silver coins saw a price decline of Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.