Delhi Bullion market re-opens after 16-day strike
With bullion market reopening after 16 days on Monday, gold prices witnessed a plunge of Rs 1,750 to Rs 29,400 per 10 grams in the Capital, while silver slumped by Rs 3,100 to Rs 41,600 per kg. Gold and jewellery establishments had been closed since November 11 after the I-T Department carried out surveys following reports of alleged profiteering and efforts at tax evasion in the wake of the government’s demonetisation move. The survey operations were conducted on November 10 in at least four locations in Delhi-NCR, including Dariba Kalan, Chandni Chowk and Karol Bagh. The government on November 8 announced the demonetisation of 500 and 1,000 rupee notes to flush out black money. In the national capital, gold of 99.9 and 99.5 per cent purity dipped by Rs 1,750 each to Rs 29,400 and Rs 29,250 per ten grams, respectively, while sovereign lost Rs 200 at Rs 24,400 per piece of eight grams. Gold prices on November 10 stood at Rs 31,150 per 10 gram and silver at Rs 44,700 per kg.