Gold dips Rs 450, silver plummets Rs 1,650

New Delhi: Gold prices slumped by Rs450 to Rs73,600 per 10 grams in the national capital on Wednesday, extending losses for the third straight session amid decline in precious metal rates in the overseas markets. In the previous session, the yellow metal of 99.9 per cent purity had closed at Rs74,050 per 10 grams. Silver prices also plummeted by Rs1,650 to Rs83,600 per kilogram from Rs85,250 per kg in the previous close, according to the All India Sarafa Association.

Meanwhile, gold of 99.5 per cent purity also plunged by Rs450 to Rs73,700 per 10 grams. Domestically, traders said reduced demand from jewellers and retail buyers as well as global influences led to the fall in gold prices. In the international markets, Comex gold was trading 0.13 per cent lower at $2,519.80 per ounce. However, silver was quoting marginally higher at $28.40 per ounce globally.

“Gold fell in the European trading hours on Wednesday after the release of disappointing US manufacturing data on Tuesday which triggered a worldwide sell-off in all financial asset classes, which has left the market mood gloomy,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.