Gold plunges by Rs 600 to below Rs 31,000 level

Feb 08, 2018, 18:09 IST | PTI

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

Representational Pic
Representational Pic

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.

The content/reporting displayed on our website www.mid-day.com is provided "AS-IS," "AS AVAILABLE, by us from third party, agencies, sources, without any verification from our side. It may contain error, bugs and other limitations. The reader's can rely on the content at their own will. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability, data, text, images, video, messages, or any other material whatsoever or for any claims/loss/action that the reader may suffer as a result of relying on the content on our site. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever. 

Catch up on all the latest Mumbai, National and International news here

Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go

Trending Video

Gold jewellery worth Rs 10 crore seized in Coimbatore

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK