New Delhi: Gold prices today tumbled by Rs
600 to hit almost three-week low of Rs 30,950 per 10 grams in
the local market here today due to weak global advices.
Fall in demand from local jewellers too kept pressure on
the precious metal.
Silver cracked below the Rs 39,000-mark by falling Rs 450
to Rs 38,900 per kg on poor offtake by industrial units and
coin makers.
Traders said sentiment was downbeat as the precious metal
fell to four-week lows on a firmer dollar amid expectations of
more US interest rate hikes, diminishing appeal of gold as a
safe haven bet.
Gold prices fell 0.61 per cent to USD 1,310.10 an ounce,
and silver by 0.37 per cent to USD 16.28 an ounce in
Singapore.
In the national capital, gold of 99.9 per cent and 99.5
per cent purity fell steeply by Rs 600 each to Rs 30,950 and
Rs 30,800 per 10 grams, respectively. Gold of 99.9 per cent
had at Rs 30,950 on January 18.
Sovereign, however, remained unaltered at Rs 24,800 per
piece of eight grams.
Following gold, silver ready tumbled by Rs 450 to Rs
38,900 per kg and weekly-based delivery by Rs 820 to Rs 37,735
per kg.
Silver coins, on the other side, were unaltered at Rs
74,000 for buying and Rs 75,000 for selling of 100 pieces
in scattered deals.
PTI
