Gold prices on Monday fell by Rs 100 to Rs 32,770 per 10 grams in Delhi tracking weak demand from local jewellers and muted trend overseas.
Gold prices on Monday fell by Rs 100 to Rs 32,770 per 10 grams in Delhi tracking weak demand from local jewellers and muted trend overseas, news agency PTI reported citing All India Sarafa Association. Similarly, silver also plunged by Rs 145 to Rs 38,425 per kg on account of less offtake by industrial units and coin makers.
In New York, the yellow metal traded lower at $1,273.80 an ounce, while silver was down at $15.06 an ounce. The gold of 99.9 per cent and 99.5 per cent purity lost Rs 100 to Rs 32,770 and Rs 32,600 per 10 gram, respectively in Delhi today, PTI also reported.
Key reasons for fall in gold rates today
The yellow metal rose by Rs 200 on Monday tracking rise in crude oil prices amid rising tensions between the US and Iran. The Donald Trump administration yesterday announced ending of exemptions on crude oil imports from Iran arising worries over inflation and fiscal deficit for fiscal year 2020. Gold is considered as a safe haven in times of volatility in the equity market. The investors park their money in yellow metal when the equities are going through a volatile phase.
Meanwhile, the stock indices plunged for the third straight day today as the investors remained jittery over concerns related to surge in the crude oil prices. A high of 38,832.61 and a low of 38,518.26 was hit by the BSE Sensex today during highly volatile session. BSE Sensex ended the day at 38,564.88 or 80.30 points, or 0.21 per cent after swinging more than 300 points.
The NSE Nifty also plunged 18.50 points, or 0.16 per cent, to close at 11,575.95. An intraday movement of 81.50 points was seen in the Nifty today.