Gold fell to over two-month low of Rs. 30,950 per 10 grams in the bullion market in New Delhi on Saturday driven by a sharp fall in prices overseas, while silver nosedived by Rs. 1,500 per kg on poor off-take.
While gold lost Rs. 270 to Rs 30,950 per 10 grams, while silver shed Rs. 1,500 to Rs. 58,000 per kg.
Traders said sentiment weakened on global trend where precious metal’s tumbled the most in more than four months to below USD 1,700 an ounce as US payrolls in October rose more than forecast, easing pressure on the Federal Reserve to expand monetary stimulus.
In New York, gold tumbled by 2.3 per cent to USD 1,675.20, the biggest drop since June 21. Silver also plunged 4.3 per cent to USD 30.85 an ounce, the biggest fall since June 21.
Back home, gold of 99.9 and 99.5 per cent purity fell by Rs. 270 each to Rs. 30,950 and Rs. 30,750 per 10 grams, respectively. The metal had lost Rs. 280 on Friday.
Sovereigns declined by Rs. 50 to Rs. 25,400 per piece of eight grams.
Silver ready tumbled by Rs. 1,500 to Rs. 58,000 per kg and weekly-based delivery by Rs. 1,665 to Rs. 57,635 per kg. The white metal had lost Rs. 750 in the previous session.
Silver coins lost Rs. 2,000 to Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.