Gold prices plunge on shrinking demand; silver falls

New Delhi (Sept 23)  Gold on Saturday weighed down by slackening demand as prices dropped Rs50 to Rs30,800 per 10 grams even as the metal strengthened overseas.

Demand softness also led to silver tumbling by Rs200 to Rs40,500 per kg as industrial units and coin makers kept to the sidelines. Easing demand from jewellers and retailers prevailed chiefly in the domestic spot market.

Globally, gold rose 0.50% to $1,297.10 an ounce and silver 0.27% to $16.98 an ounce in New York on Friday.

In the national capital, gold of 99.9% and 99.5% purity shed Rs50 each to Rs30,800 and Rs30,650 per 10 grams, respectively. It had climbed Rs350 in yesterday’s trade. Sovereign, however, remained unchanged at Rs 24,700 per piece of eight grams in limited deals.

In sync with the broader trend, silver ready moved lower by Rs200 to Rs40,500 per kg and weekly-based delivery by Rs205 to Rs39,725. Silver coins, however, held steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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