Gold Slumps Rs 700; Silver Plummets Rs 2,000

New Delhi: Gold prices slumped Rs700 to Rs73,500 per 10 grams in the national capital on Monday amid a decline in precious metal rates in the global markets. The yellow metal had closed at Rs74,200 per 10 grams in the previous close on Friday. Tracking gold, silver prices also plummeted Rs2,000 to Rs83,800 per kilogram on Monday on subdued offtake from industrial units and coin makers, according to the All India Sarafa Association. In the previous session, the silver metal had finished at Rs85,800 per kg. Meanwhile, gold of 99.5 per cent purity also plunged Rs500 to Rs73,350 per 10 grams from Rs73,850 in the previous close. Domestically, traders attributed the decrease in prices of the yellow metal to lacklustre demand from local jewellers amid weak trend overseas. Globally, Comex gold is trading at 0.07 per cent lower at $2,522.90 per ounce. However, silver prices are trading marginally higher at $28.44 per ounce in the international markets. “Gold moved lower on Monday as mixed US jobs data increased doubts about the size of the Federal Reserve’s upcoming interest rate cuts,” Saumil Gandhi, Senior Analyst, Commodities, at HDFC Securities, said.