Gold Falls Rs 50, Silver Plunges Rs 1,000

New Delhi: Gold prices retreated from record high in the national capital on Tuesday, declining Rs50 to Rs78,650 per 10 grams following fresh selling by stockists and retailers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity rose Rs200 to revisit the all-time high level of Rs78,700 per 10 grams on Monday. Silver prices plunged Rs1,000 to Rs92,500 per kg against the previous close of Rs93,500 per kg. In addition, gold of 99.5 per cent purity decreased Rs50 to Rs78,250 per 10 grams. On Monday, it had finished at Rs78,300 per 10 grams to reclaim its record high. Traders attributed the fall in yellow metal prices due to lacklustre demand from local jewellers. Globally, Comex gold rose 0.16 per cent to $2,669.90 per ounce. Silver went up 0.08 per cent to $31.34 per ounce in the overseas markets.

In the futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose Rs54, or 0.07 per cent, to Rs76,100 per 10 grams. However, silver contracts for December delivery slipped Rs101, or 0.11 per cent, to Rs90,635 per kg on the MCX.