Gold Slumps Rs 400, Silver Remains Flat

New Delhi: Gold prices retreated from record high in the national capital on Tuesday, plunging Rs 400 to Rs 78,300 per 10 grams following fresh selling by stockists triggered by a bearish trend in the global markets. The precious metal had closed at an all-time level of Rs 78,700 per 10 grams on Monday, according to the All India Sarafa Association. Silver, however, remained flat at Rs 94,000 per kg due to profit booking after the white metal traded lower in the overseas markets. Additionally, gold of 99.5 per cent purity also pulled back from its record level and slumped Rs 400 to Rs 77,900 per 10 grams. It ended at Rs 78,300 per 10 grams in the previous close on Monday. Traders attributed the fall in yellow metal prices due to lacklustre demand from local jewellers amid a weak trend in the global markets. In the Asian trading hours, Comex gold futures fell 0.38 per cent to $2,655.80 per ounce. Silver was quoting 1.79 per cent lower to $31.43 per ounce in the international markets. “Market sentiment on interest rate cuts remains neutral, with expectations of a 0.25 per cent cut as the US unemployment numbers came in line, dulling hopes for a larger rate cut,” Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.