Gold & Silver

Gold tumbles by Rs 405 per 10 gm on weak global cues, lower demand

PTI New Delhi | Updated on May 29, 2018 Published on May 28, 2018

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 405 each to Rs 31,965 and Rs 31,815 per ten gram respectively.

Silver cracks Rs 41,000-mark

Gold prices dipped below the Rs 32,000-mark, tumbling Rs 405 to Rs 31,965 per ten gram at the bullion market today due to a weak trend overseas and slump in demand from local jewellers. Silver followed suit and cracked Rs 41,000-mark by falling Rs 370 to Rs 40,830 per kg.

According to traders, investors sentiment dampened largely due to a weak trend overseas. Besides, an appreciating rupee against the US dollar made imports cheaper. Fall in demand from local jewellers at the domestic spot market also weighed on the prices, they added.

Globally, gold fell 0.38 per cent to $1,296.20 an ounce and silver by 0.36 per cent to $16.51 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 405 each to Rs 31,965 and Rs 31,815 per ten gram respectively. It had lost Rs 105 on Saturday. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight gram.

Silver ready also declined by Rs 370 to Rs 40,830 per kg, while weekly-based delivery traded lower by Rs 350 to Rs 39,915 per kg. Silver coins, however, continued to be traded at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Published on May 28, 2018
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