Gold prices decline to over 3-year low on global cues

Gold prices decline to over  3-year low on global cues

Gold prices plunged by Rs 450 to trade at over three-year low of Rs 25,900 per 10 grams in the national capital today as the dollar’s strength dampened demand for the precious metal.

Besides, low demand from jewellers and retailers who preferred to defer their buying activity on hopes of further dip in prices and diversion of funds towards soaring equity markets, weighed on prices.

Silver followed suit and recorded a steep fall of Rs 900 to Rs 35,050 per kg on poor offtake by industrial units and coin makers. Bullion traders said a weakening trend in global markets, as the dollar’s strength eroded demand, mainly put pressure on the precious metal.

Further, jewellers and retailers deferring their buying on expectations of further slide in gold prices, dampened sentiments. Gold in Singapore, which normally sets price trend on the domestic front, fell 1.90 per cent to USD 1,146.34 an ounce, the lowest since April 2010 and silver plunged 3.4 per cent to USD 15.48 an ounce, the lowest since February 2010.

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