TIL Desk/Business/New Delhi-Gold prices on Friday crashed INR 355 to break below the INR 29,000 mark at INR 28,870 per 10 grams — an over 3-month low — in line with a weak trend overseas amid sluggish demand from jewellers at the domestic spot market.
Silver also dropped INR 530 to INR 39,070 per kg due to poor off-take by industrial units and coin makers. Bullion traders said besides a weak trend overseas due to anticipation of higher borrowing costs in the US, a fall in demand from jewellers and retailers pulled down both gold and silver prices. Globally, gold fell 0.13 per cent to USD 1,217.90 an ounce in Singapore.
An appreciating rupee against the dollar, which made imports of precious metals cheaper, weighed. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged INR 355 each to INR 28,870 and INR 28,720 per 10 grams, respectively.
The price of gold stood at INR 28,850 on February 17. The precious metal had edged up INR 25 in Thursday’s trade. Sovereign, however, held steady at INR 23,000 per piece of 8 grams. Following gold, silver ready fell INR 530 to INR 39,070 per kg and weekly-based delivery INR 525 to INR 39,020 per kg. Silver coins too plummeted INR 1,000 to INR 66,000 for buying and INR 67,000 for selling of 100 pieces.
