After on Wednesday’s steep fall of Rs 730, gold prices were down by another Rs 30 to Rs 30,490 per 10 grams at the bullion market on Thursday, tracking a weak global trend amid muted demand from jewellers at the spot market.
Silver too remained under selling pressure and broke below the Rs 43,000-mark by falling Rs 400 to Rs 42,850 per kg.
Sentiment was weak, largely in step with a sluggish trend overseas where the precious metal traded at over 3-month lows amid growing expectations that an improving US economy will prompt the Fed to boost interest rates soon, reducing the appeal of gold as a safe haven, traders said.
- Supreme Court Directs Vijay Mallya To Fully Disclose Foreign Assets In 4 Weeks
- 5 Reasons To Watch Ae Dil Hai Mushkil
- BSP Supremo Mayawati Criticises PM Modi Over Triple Talaq: Here’s What She Said
- Google Pixel XL Phone Review: Pros, Cons And Final Verdict
- Defence Minister Manohar Parrikar Says Army donation Is Voluntary
- Rock On 2 Trailer Launch: Farhan Akhtar, Shraddha Kapoor, Prachi Desai On Their Roles
- Cyrus Mistry’s Career Timeline
- Stalker Kills Woman At Metro Station In Gurgaon: Here’s What Happened
- Bigg Boss 10 October 24 Review: Seven Contestants Nominated For Evictions
- Power Struggle In Mulayam’s Party: Here’s What People Reacted
- 1 Dead, 5 Injured In Low Intensity Explosion In Delhi’s Naya Bazaar Area
- Delhi: Naya Bazar Explosion Cctv Footage
- Twitter War Between Congress Leader Amarinder Singh & Delhi CM Arvind Kejriwal
- Life Of Actor-Dancer Ashwini Ekbote Who Died During A Performance
- Idea Exchange With Gurmeet Ram Rahim Singh
Globally, gold fell 0.14 per cent to USD 1,264.70 an ounce in Singapore.
Furthermore, fading demand from jewellers and retailers at the domestic spot market fuelled the downward trend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 30 each to Rs 30,490 and Rs 30,340 per ten grams, respectively. The precious metal had tumbled Rs 730 yesterday — the biggest single-day fall this year.
Sovereign, however, found scattered buying from retailers and traded higher by Rs 50 to Rs 24,400 per piece of eight grams.
Tracking gold, silver ready fell Rs 400 to Rs 42,850 per kg and weekly-based delivery Rs 515 to Rs 42,545 per kg.
Silver coins, too, plunged by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.