Gold slumps Rs 450 to Rs 73,600 per 10 gram; silver plummets Rs 1,650
Gold prices slumped by Rs 450 to Rs 73,600 per 10 grams in the national capital on Wednesday, extending losses for the third straight session amid a decline in precious metal rates in the overseas markets. In the previous session, the yellow metal of 99.9 per cent purity had closed at Rs 74,050 per 10 grams.
Silver prices also plummeted by Rs 1,650 to Rs 83,600 per kilogram from Rs 85,250 per kg in the previous close, according to the All India Sarafa Association.
Meanwhile, gold of 99.5 per cent purity also plunged by Rs 450 to Rs 73,250 per 10 grams.
Domestically, traders said reduced demand from jewellers and retail buyers as well as global influences led to the fall in gold prices.
In the international markets, Comex gold was trading 0.13 per cent lower at USD 2,519.80 per ounce.
«Gold fell in the European trading hours on Wednesday after the release of disappointing US manufacturing data on Tuesday which triggered a worldwide sell-off in all financial asset classes, which has left the market mood gloomy,» Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, Comex gold slipped owing to strength in the dollar, profit-taking and position adjustments ahead of a significant week of US economic data releases.
The bullion is currently trading within a narrow range as traders wait cautiously for US jobs data due on Friday for fresh insights into the Federal Reserve's potential path forward for rate cuts, Chainwala said.
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