Gold plunges Rs 360 on tepid demand, weak overseas trend

Gold prices fell by Rs 360 to Rs 33,370 per 10 gram in the national capital Tuesday tracking a weak trend overseas and tepid demand from local jewellers, according to the All India Sarafa Association.

Silver also followed suit and weakened by Rs 290 to Rs 37,560 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic market.

Globally, spot gold was trading lower at USD 1,322.70 an ounce in New York amid easing global trade war concerns after the US dropped its threat to impose tariffs on Mexico, reducing the yellow metal's appeal as safe-haven. Silver was down at USD 14.74 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 360 to Rs 33,370 per 10 gram and Rs 33,200 per 10 gram, respectively.

Sovereign gold, however, remained flat at Rs 26,700 per eight gram.

Silver ready fell by Rs 290 to Rs 37,560 per kg, while weekly-based delivery dropped Rs 72 to Rs 36,655 per kg.

Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.