Gold, silver tumble on weak global cues and low demand

New Delhi: Gold retreated from one-month high by falling Rs 200 to Rs 26,650 per 10 grams at the bullion market on Thursday largely in tandem with weak global cues and fall in demand from jewellers.

Silver followed suit and plunged by Rs 550 to Rs 36,700 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said besides a weak global trend as investors awaited minutes from the Federal Reserve’s last meeting for clues on the timing of an interest rate hike, slackened demand from jewellers and retailers at the existing levels pulled down the precious metal from its one-month high.

In the international market, gold dropped 0.3 per cent to USD 1,141.76 an ounce in Singapore today. Silver also slumped 2.5 per cent to USD 15.65 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged Rs 200 each to Rs 26,650 and Rs 26,500 per 10 grams, respectively. It had gained Rs 250 in the previous two sessions.

Sovereign also declined Rs 50 to Rs 22,400 per piece of eight grams.

Following gold, silver ready dropped by Rs 550 to Rs 36,700 per kg and weekly-based delivery by Rs 890 to Rs 36,620 per kg.

Silver coins too tumbled by Rs 1,500 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.