Gold plunges on stockists selling, weak global cues
Gold plunged by Rs. 150 to Rs. 30,200 per ten grams in the national capital on Monday on selling by stockists against fall in demand amid a weak global trend.
Silver continued to slide for the sixth straight day by losing Rs. 400 to Rs. 44,550 per kg on poor offtake by industrial units and coin makers. The metal had lost Rs. 2,250 in last five sessions.
Traders said sentiments in gold turned bearish after it plunged
in overseas markets on speculation that US interest rates will increase
next year, curbing demand for the metal as a store of value.
Gold in Singapore, which normally sets price trend on the domestic
front, fell by 0.7% to $1,325.05 an ounce and silver by 1.1% to $20.10
an ounce.
Shifting of funds from weakening bullion to rising equities and
strengthening rupee against the US dollar also influenced the sentiment,
they said.
On the domestic front, gold of 99.9 and 99.5% purity plunged by Rs. 150 each to Rs. 30,200 and Rs. 30,000 per ten grams, respectively. It had gained Rs. 20 in last trade.
Sovereign followed suit and declined by Rs. 50 to Rs. 25,200 per piece of eight grams.
Silver coins, however, held steady at Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces
Pradeep Kr Shukla
PGDM 2 Sem
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