Markets

Gold dips below Rs. 26,000; hits 3-month low

Tracking a weak trend overseas and slackened demand from jewellers in domestic markets, gold prices slipped below the Rs. 26,000 mark by plunging Rs. 300 today to a three-month low of Rs. 25,950 per 10 gram.

Silver also slumped by Rs. 500 to Rs. 34,400 per kg on reduced offtake by industrial users and coin makers.

Sentiments dampened after the precious metal traded a near 5-year low in global market as investors sold bullion-backed funds on expectations that the US Federal Reserve will hike interest rate this year, bullion traders said.

Besides, slowdown in buying by jewellers and retailers following end of Diwali festival too weighed on sentiments, they said.

Globally, gold retreated 0.4 per cent to $1,080.40 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 300 each to Rs. 25,950 and Rs. 25,800 per 10 grams respectively, a level last seen on August 11. The precious metal had gained Rs. 140 in the previous three sessions.

Sovereign also declined by Rs. 100 to Rs 22,200 per piece of 8 grams.

In line with overall trend, silver ready dropped by Rs. 500 to Rs. 34,400 per kg and weekly-based delivery by Rs. 345 to Rs. 33,925 per kg.

Silver coins also plummeted by Rs. 1,000 to Rs. 47,000 for buying and Rs. 48,000 for selling of 100 pieces.


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Printable version | Nov 29, 2021 12:18:08 PM | https://www.thehindu.com/business/markets/gold-dips-below-rs-26000-hits-3month-low/article7873149.ece

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