The slide in gold continued for the second straight day, with prices tumbling by Rs. 200 to Rs. 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
In line with overall trends, silver also plunged by Rs. 1,550 to Rs. 37,550 per kg on poor offtake by industrial units and coin makers.
Bullion traders said apart from sluggish demand from jewellers at domestic markets at prevailing levels, a weak trend in global market where gold fell the most in 13 months as signs of a robust U.S. labour market cut demand for safe-haven, mainly pulled down the precious metal prices.
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Gold in New York, which normally set price trend on the domestic front, fell by 1.96 per cent to $1,258.10 an ounce and silver by 5.82 per cent to $16.92 an ounce in yesterday’s trade.
In the national capital, gold of 99.9 and 99.5 per cent purity traded lower by Rs. 200 each at Rs. 28,100 and Rs. 27,900 per ten gram respectively. It had lost Rs. 120 on Thursday.
Sovereign declined by Rs. 100 to Rs. 23,900 per piece of eight gram.
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In tandem with gold, silver ready prices fell sharply by Rs. 1,550 to Rs. 37,550 per kg and weekly-based delivery by Rs. 1,885 to Rs. 37,275 per kg.
Silver coins also dropped by Rs. 1,000 to Rs. 63,000 for buying and Rs. 64,000 for selling of 100 pieces.