Gold Silver Reports — Gold moved on a slippery track on Wednesday, settling below the Rs 30,000-mark by plunging Rs 300 to Rs 29,750 per 10 grams, in a sign of subdued overseas trend as well as local demand.
The plunge was sharper in silver, which cracked below the Rs 40,000 level at Rs 39,300 per kg, a loss of Rs 800, weighed down by a drop in offtake.
Data on US manufacturing came in better than expected, which in turn increases the probability of higher returns from the dollar and treasuries.
Additionally, receding geo- political worries involving North Korea and the US made the precious metals lose sheen.
Globally, gold fell 0.09% to $1,270 an ounce in Singapore. Fading demand from local jewellers and retailers at the current level pulled down the gold prices further.
In the national capital, gold of 99.9% and 99.5% purity fell Rs300 each to Rs29,750 and Rs29,600 per 10 grams, respectively. Sovereign, however, remained flat at Rs24,500 per piece of eight grams in limited deals. — Neal Bhai Reports
