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Monday, September 28th, 2020

Gold plunges Rs 250 on global cues, low demand

by September 28, 2017 General

prices </a>tumbled Rs 250 to Rs 30,750 per 10 grams at the today, largely on weak trend overseas amid waning demand from

also dropped by Rs 300 to Rs 40,500 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said sentiment turned bearish on weak trend overseas following heightened expectations that the US Federal Reserve will raise interest rates again this year, strengthening the dollar and reduced the appeal for as a safe haven.

Meanwhile, traded 0.30 per cent lower at USD 1,278.80 an ounce and by 0.30 per cent to USD 16.68 an ounce in Singapore.

Besides, easing demand from and retailers at prevailing levels too weighed on prices, marketmen said.

In the national capital, of 99.9 per cent and 99.5 per cent purity slumped by Rs 250 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The yellow metal had gained Rs 300 in last two days.

Sovereign, however, continued to be traded at the last level of Rs 24,700 per piece of eight grams in limited deals.

Tracking gold, ready fell by Rs 300 to Rs 40,500 per kg and weekly-based delivery by Rs 275 to Rs 39,665 per kg.

coins, however, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.