You are here:HomeCommodities

Gold plunges to six-week low, dips below Rs 31,000

Gold plunges to six-week low, dips below Rs 31,000

close

New Delhi:

Gold prices plunged to a six-week low by losing Rs 330 to Rs 30,870 per 10 gm in the national capital today on heavy selling by stockists triggered by a meltdown in global markets.

Traders said sentiments turned bearish after gold became a  worst performer in six months in overseas markets as the struggle by US lawmakers to reach a budget deal strengthened the dollar and reduced demand for the metal as an alternate investment.

Gold in global markets, which normally set price trend on the domestic front, fell by 0.7 per cent to $1,635.80 an ounce, the lowest price since August 22 and silver by 1.1 per cent to $29.64, cheapest since August 22 in Singapore.

Besides, sluggish domestic demand due to ending of marriage season further fuelled the downtrend, they said. Silver followed suit and dropped by Rs 1,550 to Rs 57,750 per kg on poor demand from industrial units and coin makers.

On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 330 each to Rs 30,870 and Rs 30,670 per 10 gm, respectively, the levels last seen on November 4.

Sovereign also fell by Rs 100 to Rs 25,400 per piece of eight gram.

Similarly, silver ready dropped by Rs 1,550 to Rs 57,750 per kg and weekly-based delivery by Rs 2,085 to Rs 57,715 per kg. Silver coins lost Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Story first published on: December 21, 2012 17:06 (IST)

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Post your comments:

Social Sharing

Advertisement

Advertisement

 

More From NDTV

More From the WEB

  • NSE
  • BSE
Company Price (Rs.) CHG %
RALLIS 180.20 8.36%
MOTHERSUMI 263.65 5.14%
BATAINDIA 1,094.85 3.72%
EICHERMOT 6,285.90 3.61%
More from Top Gainers »
Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.