Wednesday, 12 October 2016

Commodity Update - Gold Plunges Rs 260

Gold plunges Rs 260 on global cues, muted demand
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Gold prices tumbled by Rs 260 to Rs 30,150 per 10 grams in the bullion market on Wednesday amid a weak global trend and easing demand from jewellers in domestic spot market.  

Silver also declined by Rs 160 to Rs 42,590 per kg on slow offtake by industrial units.  

Traders said that besides a weak trend in overseas markets, fall in demand from jewellers in domestic spot market put pressure on gold prices. 

Globally, gold fell by 0.56 per cent to $1,252.40 an ounce and silver by 1.02 per cent to $17.43 an ounce in New York in Tuesday's trade.

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