Gold tumbles Rs 1,550; Silver slumps Rs 3,000

New Delhi: Gold prices tumbled by Rs1,550 to Rs91,450 per 10 grams in the national capital on Monday amid heavy selling by jewellers and stockists as well as weak global trend, according to the All India Sarafa Association. On Friday, the precious metal of 99.9 per cent purity had finished at Rs93,000 per 10 grams. Gold of 99.5 per cent purity plunged by Rs1,550 to Rs91,000 per 10 grams. It had closed at Rs92,550 per 10 grams in the previous market close.

“Gold price slipped...on Monday as panic selling in the equity market and other asset classes continues to weigh down on safe-haven precious metals,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Continuing the losing streak for the fifth consecutive day, silver prices slumped by Rs3,000 to Rs92,500 per kg from Friday’s closing level of Rs95,500 per kg. In the past five sessions, the metal had tanked by Rs10,500 per kg.

On the global front, spot gold fell $10.16 or 0.33 per cent to $3,027.20 per ounce. However, spot silver in the Asian market hours rose 1.65 per cent to $30.04 per ounce. “Sentiment remained cautious with investors looking for further clarity from the US on its next course of action, especially amid escalating trade tensions,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.