Gold tumbles Rs 100 on global cues, silver plunges too

Taking weak cues from the global market and slack demand from jewellers, gold extended its slide for the second straight day as prices plunged Rs 100 to Rs 25,650 per 10 grams.

Silver slipped below the Rs 34,000-mark by falling Rs 225 to Rs 33,800 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said a weakening trend in the global market amid growing confidence in the US Fed to raise interest next month helped the dollar cement gains, eroding demand for the precious metals.

Furthermore, a muted demand from jewellers and retailers pulled down gold prices, they said.

Globally, gold retreated as much as one per cent to USD 1,067.58 an ounce in Singapore today while it ended 0.43 per cent down at USD 1,077.20 in New York on Sunday.

Silver slumped 1.5 per cent to USD 13.97 an ounce in Singapore on Monday, the lowest since august 2009.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped Rs 100 each to Rs 25,650 and Rs 25,500 per 10 grams, respectively. The precious metal had lost Rs 150 on Saturday.

Sovereign, however, remained flat at Rs 22,200 per piece of eight grams in scattered deals.

Following gold, silver ready cracked below the Rs 34,000 mark by declining Rs 225 to Rs 33,800 per kg and weekly-based delivery by Rs 290 to Rs 33,300 per kg.

Silver coins remained unchanged at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

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Printable version | Aug 13, 2022 8:56:44 am |