Gold prices on Saturday plunged by Rs. 520, their biggest fall this year, to trade at an over three-month low of Rs.26,540 per 10 grams at the bullion market, tracking a weak global trend amid subdued demand from jewellers and retailers.
Silver also fell sharply by Rs. 500 to Rs. 36,300 per kg on reduced offtake by industrial users and coin makers.
Bullion merchants said apart from slackened demand from jewellers and retailers, a weak global trend amid the US economy adding more jobs in February than forecast, has cut demand for the precious metal as a safe haven, leading to fall in gold and silver prices.
Bullion market remained closed on Thursday and Friday on account of the Holi festival.
Gold in New York, which normally determines price trend on the domestic front, dropped by $29.30, or 2.45 per cent, to 1,168.70 an ounce and silver by 1.70 per cent to $15.93 an ounce in Friday's trade.
In the national capital, gold of 99.9 and 99.5 per cent purity suffered this year's biggest fall of Rs. 520 each to Rs. 26,540 and Rs. 26,340 per 10 grams, respectively. Previously, the precious metal had recorded the largest decline of Rs. 510 on February 18.
Sovereign too declined by Rs. 100 at Rs. 23,600 per piece of 8 grams.
Tracking gold, silver ready fell by Rs. 500 to Rs. 36,300 per kg and weekly-based delivery by Rs. 300 to Rs. 36,000 per kg.
Silver coins nosedived by Rs. 2,000 to Rs. 57,000 for buying andRs. 58,000 for selling of 100 pieces.
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