Gold price plunges on global cues, silver below Rs 46,000 per kg

New Delhi-India (Sept 28)  Gold slipped by Rs 150 to Rs31,300 per 10 grams at the bullion market on September 28 on the back of waning demand from jewellers at domestic spot market amid a weak global trend. Silver also tumbled by Rs 900 to Rs 45,150 per kg due to poor offtake by industrial units and coin makers.

Traders said sentiment remained bearish owing to a weakening global trend where gold lost the most in more than a month as a surge in the US consumer confidence and gains in the dollar diminished demand for the metal as a store of value.

Globally, gold prices dropped 1 per cent to close at USD 1,330.40 an ounce in New York yesterday. Furthermore, muted demand from jewellers at the domestic spot market fuelled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 150 each to Rs 31,300 and Rs 31,150 per 10 grams, respectively. The precious metals had lost Rs 150 in last two days. Sovereign, however, remained stable at Rs 24,500 per piece of eight grams.

Tracking gold, silver ready dropped by Rs 900 to Rs 45,150 per kg and weekly-based delivery by Rs 940 to Rs 45,400 per kg. Silver coins, however, remained unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Source: TheAsianAge