Gold Down By Rs 460 On Weak Global Cues And Fall in Demand

Gold prices tumbled by Rs 460 to Rs 31,390 per 10 grams at the bullion market today, snapping their four-day rising streak due to subdued global cues amid slump in local jewellers' demand.

Silver also fell by Rs 250 to Rs 39,300 per kg owing to reduced offtake by industrial units and coin makers.

Traders said the sentiment was downbeat as the precious metal fell in global markets because the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.

Gold prices fell 0.07% to USD 1,316.80 an ounce, and silver by 0.37% to USD 16.32 an ounce in Singapore.

In the national capital, gold of 99.9 % and 99.5 % purity plunged by Rs 460 each to Rs 31,390 and Rs 31,240 per 10 grams, respectively. The precious metals had gained Rs 500 in the previous four sessions.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams in limited deals.

Inputs from PTI