Gold prices plunged by Rs. 70 to Rs. 26,800 per ten grams at the bullion market on Tuesday, tracking a weak global trend amid subdued demand from jewellers and retailers at current levels.
Silver also eased by Rs. 200 to Rs. 36,800 per kg on reduced off-take by industrial units and coin makers.
Traders said a weak global trend where gold fell from seven-week highs and fall in demand from jewellers, mainly put pressure on precious metals’ prices.
Globally, gold in Singapore which normally determines price trend on the domestic front here, lost 0.9 per cent to $ 1,153.05 an ounce. Silver also fell 0.7 per cent to $ 15.71 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 70 each to Rs. 26,800 and Rs. 26,650 per ten gram, respectively. It had gained Rs. 270 in last two sessions. Sovereign, however, held steady at Rs. 22,400 per piece of eight grams.
Tracking gold, silver ready fell by Rs. 200 to Rs. 36,800 per kg and weekly-based delivery by Rs. 295 to Rs. 36,865 per kg. Silver coins also dropped by Rs. 1,000 to Rs. 51,000 for buying and Rs. 52,000 for selling of 100 pieces.