Gold prices tumbled by ₹290 to ₹30,340 per 10 grams at the bullion market on Thursday, driven by weak global cues amid fall in demand from local jewellers.
Silver followed suit and dropped by ₹715 to ₹38,000 per kg due to poor offtake by industrial units and coin makers.
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 of the precious metal as a safe haven, traders said.
Globally, gold fell 1.59% to USD 1,174.70 an ounce and silver by 4.16% to USD 14.41 an ounce in New York in Wednesday’s trade.
Besides, a considerable fall in demand from local jewellers and retailers at the domestic spot market fuelled the downtrend, they said.
In the national capital, gold of 99.9% and 99.5% purity plunged by ₹290 each to ₹30,340 and ₹30,190 per 10 grams, respectively.
Sovereign also declined by ₹100 to ₹24,500 per piece of eight grams.
Tracking gold, silver ready dropped by ₹715 to ₹38,000 per kg and weekly-based delivery by ₹1,035 to ₹36,705 per kg.
Silver coins, too, plummeted by ₹1,000 to ₹72,000 for buying and ₹73,000 for selling of 100 pieces.