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economictimes.indiatimes.com / 1 year ago
Gold tumbles Rs 1,150 to Rs 88,200 per 10 gm, silver plunges Rs 1,000 amid weak global cues
Gold prices tumbled by Rs 1,150 to Rs 88,200 per 10 grams in the national capital on Thursday, tracking a bearish trend in global markets, according to the All India Sarafa Association. Gold of 99.5 per cent purity also slumped by Rs 1,150 to Rs 87,800 per 10 grams from the previous close of Rs 88,950 per 10 grams.
Silver prices tanked by Rs 1,000 to Rs 98,500 per kg from the last close of Rs 99,500 per kg. Bullion markets were closed on Wednesday for Mahashivratri.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for April delivery declined Rs 554 to Rs 85,320 per 10 grams.
«Gold prices traded weak as a sell-off was witnessed in MCX, where gold saw a decline touching Rs 85,000. Further weakness may emerge if MCX gold breaches Rs 84,800,» Jateen Trivedi, VP Research Analyst — Commodity and Currency at LKP Securities, said.
Market participants will closely watch the Core PCE (Personal Consumption Expenditures) Price Index data on Friday for further cues, Trivedi added.
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