Gold Slumps Rs. 820 To Rs. 30,530 On Weak Global Cues

Gold prices crashed by Rs. 820 to Rs. 30,530 per ten gram at the bullion market today, hurt by weak global cues amid dip in demand from local jewellers.

It is the biggest single-day fall in gold prices this year.

On the other hand, silver held steady at Rs. 42,000 per kg on scattered enquiries from industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at prevailing higher levels mainly pulled down gold prices.

Globally, gold after hitting one-year high of $1,357.64 an ounce, fell 0.19 per cent to $1,346 an ounce and silver by 0.91 per cent to $17.93 an ounce in New York in yesterday's trade.

Besides, a drop in demand from local jewellers and retailers at domestic spot market fuelled the downtrend.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs. 820 each to Rs. 30,530 and Rs. 30,380 per ten gram respectively.

Yesterday, the precious metal surged by Rs. 990 and closed at a 10-month high of Rs. 31,350 after the dollar fell to its weakest level since 2015 and tension between North Korea and the US intensified further, boosting demand for the safe haven.

Sovereign however held steady at Rs. 24,600 per piece of eight gram today.

On the other hand, silver ready ruled flat at Rs. 42,000 per kg, while weekly-based delivery fell by Rs. 200 to Rs. 41,570 per kg.

Silver coins however continued to be asked at previous level of Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.