Gold plunges; silver below 39K

Source: The Hitavada      Date: 06 Aug 2017 13:33:31


 Aug 5,


GOLD prices plunged by Rs 200 to Rs 29,420 per ten grams at the bullion market here on Saturday in line with a weak trend overseas amid a fall in local demand. Silver followed suit and slipped below the Rs 39,000 level by tumbling Rs 825 to Rs 38,325 per kg due to reduced offtake by industrial units and coin makers.

In the National Capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 200 each to Rs 29,420 and Rs 29,270 per ten grams, respectively. It had gained Rs 190 yesterday. Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams in limited deals.

Tracking gold, silver ready dropped Rs 825 to Rs 38,325 per kg and the weekly-based delivery by Rs 910 to Rs 37,260 per kg. Silver coins, however, maintained a steady trend at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.