New Delhi | Gold prices retreated from two-month high by falling Rs 200 to Rs 26,250 per ten gram at the bullion market today largely in tandem with a weak trend overseas amid easing spot demand from jewellers. Silver also recorded a fall of Rs 355 to Rs 33,500 per kg due to reduced offtake by industrial units and coin makers.
Bullion traders said besides a weak trend overseas where it declined after posting the best week of gains since August, fall in demand from jewellers and retailers at prevailing levels mainly pulled down both gold and silver prices. Globally, gold fell by 0.94 per cent to USD 1,094.20 an ounce and silver by 0.54 per cent to USD 13.85 an ounce in New York in yesterday’s trade.
Meanwhile, gold had climbed 3.4 per cent this year so far on increased geopolitical tensions in the Middle East and North Korea, renewed concerns about China’s outlook and a rout in global equities. In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs 200 each to Rs 26,250 and Rs 26,100 per ten grams respectively. It had gained Rs 120 yesterday.
Sovereign followed suit and declined by Rs 100 to Rs 22,300 per piece of eight grams. Tracking gold, silver ready also dropped by Rs 355 to Rs 33,500 per kg and weekly-based delivery by Rs 275 to Rs 33,525 per kg. Silver coins too plummeted by Rs 1,000 to Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.