New Delhi: Gold prices plunged by Rs. 345 to Rs. 26,050 per 10 grams in the national capital on Tuesday, tracking a weak global trend amid absence of demand from jewellers and retailers at domestic markets.
Silver remained under pressure and fell by Rs. 350 to Rs. 35,150 per kg on poor offtake by industrial units.
Sentiment remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
Besides, slackened demand from jewellers as well as retailers at prevailing levels at domestic spot markets too weighed on prices, they added.
Globally, gold in Singapore, which normally sets price trend on the domestic front, fell 0.16 per cent to $1,149 an ounce – the lowest level since 2010. Silver also slid 0.7 per cent to $15.50 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 345 each to Rs. 26,050 and Rs. 25,850 per 10 grams respectively. It had lost Rs. 55 in Monday’s trade.
Sovereign declined by Rs. 100 to Rs. 23,700 per piece of 8 grams.
In a similar fashion, silver ready dropped further by Rs. 350 to Rs. 35,150 per kg and weekly-based delivery by Rs. 535 to Rs. 34,490 per kg.
Silver coins also fell sharply by Rs. 2,000 to Rs. 58,000 for buying and Rs. 59,000 for selling of 100 pieces.