Gold price tumbles to Rs 30,340; silver drops by Rs 715 per kg

New Delhi-India (Aug 16)  Gold prices tumbled Rs 290 to Rs 30,340 per 10 grams at the bullion market due to weak global cues amid fall in demand from local jewellers. Silver followed suit and dropped by Rs 715 to Rs 38,000 per kg due to poor offtake by industrial units and coin makers.

Traders said that gold prices fell to their lowest in more than 19 months, as sentiment turned negative due to weak global leads with the dollar holding steady near a recent peak, eroding the appeal for precious metal as a safe haven.

Besides, a considerable fall in demand from local jewellers and retailers at the domestic spot market fuelled the downtrend, they said.

Globally, gold fell 1.59 per cent to $1,174.70 an ounce and silver by 4.16 per cent to $14.41 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged Rs 290 each to Rs 30,340 and Rs 30,190 per 10 grams, respectively. Sovereign also declined by Rs 100 to Rs 24,500 per piece of eight grams.

Tracking gold, silver ready dropped by Rs 715 to Rs 38,000 per kg and weekly-based delivery by Rs 1,035 to Rs 36,705 per kg. Silver coins, too, plummeted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

BusinessLine

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