Gold sinks below ₹30,000 mark, silver down by Rs600
Gold of 99.9 and 99.5% purity tumbled by Rs250 each to Rs29,850 and Rs29,700 per ten grams, respectively
New Delhi: Sliding for the second straight day, gold dipped below the ₹ 30,000-mark by losing ₹ 250 to ₹ 29,850 per ten grams at the bullion market today, amid a subdued demand from jewellers and a weak trend overseas.
Marketmen said sentiment remained bearish largely in tune with a weak global trend and fading demand from jewellers and retailers at current levels at the domestic spot markets.
Globally, gold plunged by 1.89% to $1,263.40 an ounce in New York yesterday on speculation that the Federal Reserve is still on track to boost US interest rates this year. Silver fell by 2.55% to $16.99 an ounce.
In the national capital, gold of 99.9 and 99.5% purity tumbled by ₹ 250 each to ₹ 29,850 and ₹ 29,700 per ten grams, respectively, a level last seen on 28 April. The precious metal had lost ₹ 250 yesterday. Sovereign, however, remained steady at ₹ 23,300 per piece of eight grams in limited deals.
Tracking gold, silver ready dropped by ₹ 600 to ₹ 40,600 per kg and weekly-based by ₹ 565 to ₹ 40,800 per kg. On the other hand, silver coins continued to be traded at previous level of ₹ 69,000 for buying and ₹ 70,000 for selling of 100 pieces.
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