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Gold prices tumble Rs350 on weak global cues

LiveMint logoLiveMint 23-03-2017 PTI

New Delhi: Gold prices plunged by Rs350 to Rs29,000 per 10 grams at the bullion market on Thursday, tracking a weak trend overseas and drop in demand from local jewellers.

Silver also fell by Rs200 to Rs41,250 per kg due to reduced offtake by industrial units and coin makers.

Apart from a weak trend overseas, decline in demand from local jewellers and retailers at prevailing levels at domestic spot market mainly pulled down gold prices, traders said. Gold weakened by 0.12% to $1,246.70 an ounce in Singapore.

Also Read| Global gold prices below 3-week peak as dollar recovers, Trump policy in focus

In Delhi, gold of 99.9% and 99.5% purity tumbled by Rs350 each to Rs29,000 and Rs28,850 per 10 grams, respectively.

The metal had gained Rs300 on Wednesday. Sovereign also declined by Rs100 to Rs24,300 per piece of eight grams.

Silver ready too drifted lower by Rs200 to Rs41,250 per kg and weekly-based delivery by Rs105 to Rs 41,200 per kg. Silver coins, however, held steady at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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