25 July,2024 07:17 PM IST | Mumbai | mid-day online correspondent
Representational Image. File Pic
Gold prices tumbled by Rs. 1000 and settled at Rs. 70, 650 per 10 grams on Thursday continuing a three-day streak amid heavy selling by jewellers, triggered by a fall in rates in overseas markets.
According to the PTI report, gold prices had closed at Rs 71,650 per 10 grams in the previous session on Wednesday, said All India Sarafa Association.
In the national capital, gold of 99.9 per cent purity and 99.5 per cent purity declined Rs 1,000 each to Rs 70,650 per 10 grams and Rs 70,300 per 10 grams, respectively. This marks its slide for a third continuous day.
Meanwhile, silver prices fell sharply by Rs 3,500 to Rs 84,000 per kg. It had closed at Rs 87,500 per kg in the previous session.
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Marking the biggest fall this year, silver rates have declined by Rs 5,000 per 10 grams in the past three sessions since July 23 when it had fallen Rs 3,350 to end at Rs 72,300 per 10 grams. This comes after the government on Tuesday decided to reduce customs duties on a range of products, including precious metals gold and silver.
The customs duty on gold and silver was brought to 6 per cent from 15 per.
According to the PTI report, traders said gold prices declined on persistent selling by local jewellers amidst weakening trend in the international markets.
Globally, Comex gold was trading at USD 2,421.80 per ounce, down USD 42.20 per ounce.
"Gold and silver prices are trading lower tracking broad selling across global financial markets, triggered by a sharp appreciation in the Japanese yen on rising bets of a rate hike by the Bank of Japan at its meeting next week, whereas other central banks are looking for rate cuts," Pranav Mer, VP -- Research (Commodity & Currency) at BlinkX and JM Financial, said reported PTI.
As per the report, Prices now are stuck in a range as we look ahead to US data on GDP and Personal Consumption Expenditures (PCE) price index inflation data, Mer added.
In addition, silver also quoted lower at USD 28.04 per ounce in New York.
According to Saumil Gandhi, Senior Analyst of Commodities, HDFC Securities, gold traded lower in European trading hours on Thursday, said the PTI report.
