New Delhi: Gold prices on Tuesday plunged by Rs200 to Rs30,550 per 10 gram at the bullion market, taking weak cues from overseas markets, and fall in demand from local jewellers. Silver also dropped Rs600 to Rs40,200 per kg due to reduced offtake by industrial units and coin makers.
Sentiment weakened largely in sync with a weak trend overseas where gold slid to a seven-week low after strong US manufacturing data strengthened the dollar and eroded appeal of the precious metal as a safe haven, traders said.
Globally, gold rates fell 0.14% to $1,268.70 an ounce in Singapore. Moreover, fading demand from local jewellers and retailers at domestic spot market, too weighed on the prices.
In the national capital, gold of 99.9% and 99.5% purity plunged by Rs200 each to Rs30,550 and Rs30,400 per 10 gram, respectively. Sovereign however remained unaltered at Rs24,700 per piece of eight gram.
In line with the overall trend, silver ready drifted down by Rs600 to Rs40,200 per kg and weekly-based delivery by Rs455 to Rs39,285 per kg. Silver coins however remained flat at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.