Gold tumbles by Rs 9,050, silver declines by Rs 10,500/kg

New Delhi: Gold prices slumped by Rs 9,050 to Rs 1.43 lakh per 10 grams while silver tumbled Rs 10,500 to Rs 2.30 lakh per kg in the national capital on Monday amid subdued domestic demand and weak global trends.

According to the All India Sarafa Association, gold of 99.9 per cent purity plunged by Rs 9,050, or nearly 6 per cent, to Rs 1,43,600 per 10 grams from Friday’s closing level of Rs 1,52,650 per 10 grams.

Silver also declined sharply by Rs 10,500, or 4.36 per cent, to Rs 2,30,000 per kg. The white metal had settled at Rs 2,40,500 per kg in the previous market session.

In global market, spot gold fell $227.42, or 5.06 per cent, to $4,263.73 per ounce, while silver fell $4.25, or 6.3 per cent, to $63.53 per ounce.

Spot gold extended its decline in overseas markets as rising interest rate expectations weighed on prices, Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said. He noted that gold prices dropped more than 10 per cent last week, marking their worst weekly decline in more than four decades, as expectations of rate cuts shifted towards potential rate hikes.PTI