Gold price falls by Rs820 to Rs30,530 on weak global cues

New Delhi-India (Sept 10)  Gold prices slumped by Rs820 to Rs30,530 per ten gram at Delhi bullion market on Saturday, hurt by weak global cues amid a drop in demand from local jewellers. It is the biggest single-day fall in gold prices this year.

Traders said, apart from a weak trend overseas, a drop in demand from local jewellers and retailers at domestic spot market fuelled the downtrend.

Globally, gold prices fell 0.19% to $1,346 an ounce after hitting one-year high of $1,357.64 an ounce. Silver prices dropped 0.91% to $17.93 an ounce in New York in Friday’s trade.

In the national capital, gold prices of 99.9% and 99.5% purity slumped by Rs820 each to Rs30,530 and Rs30,380 per ten gram, respectively.

On Friday, the precious metal surged by Rs990 and closed at a 10-month high of Rs31,350 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 Rs24,600 per piece of eight gram on Saturday.

On the other hand, silver ready ruled flat at Rs42,000 per kg, while weekly-based delivery fell by Rs200 to Rs41,570 per kg. Silver coins however continued to be asked at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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