Gold Plunges To Nearly Rs 29,000 On Global Cues

Gold prices tumbled by Rs. 250 to Rs. 29,100 per 10 gram at the bullion market today, tracking a weak trend overseas and muted demand from local jewellers.

Silver also dropped by Rs. 450 to Rs. 40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas as investors await the release of key US employment data later this week and fading demand from local jewellers at the domestic spot markets mainly pulled down gold prices.

Globally, gold fell by 0.02 per cent to $1,262.60 an ounce and silver by 0.49 per cent to $17.29 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs. 250 each to Rs. 29,100 and Rs. 28,950 per 10 grams, respectively.

Sovereign, however, remained unaltered at Rs. 24,400 per piece of eight grams.

In sync with gold, silver ready dropped by Rs. 450 to Rs. 40,000 per kg and weekly-based delivery by Rs. 400 to Rs. 40,015 per kg.

On the other hand, silver coins held steady at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

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