For the first time in four months gold prices plunged below Rs 30,000 per ten grams on Thursday. The fall in prices have been attributed to fall in demand due to the prevailing high cost of gold.
In Delhi, prices fell by Rs 275 to Rs 29,900 per ten grams, the price that had prevailed on August 14. But silver price rose by Rs 310 to Rs 44,000 per kg due to rise in demand for coins and industrial units. In Mumbai, the yellow metal of 99.9% purity and 99.5% purity sold at Rs 29,940 and Rs 29,800 per ten grams, respectively. Price of silver was Rs 44,440 per kg.
The fall in prices was a result of stockists selling gold due to lack of demand at high price. The bearish sentiment was also attributed to lack of direction from the overseas markets which remains closed for ‘Christmas’ and ‘New Year’ holidays.
(Picture Source: economictimes.indiatimes.com)
(AW: Pratima Tigga)
