Gold prices retreated from one-month high to slip below the Rs 27,000-mark by falling Rs 260 per 10 grams, snapping its three-day rising streak, at the bullion market today, largely in tune with weak global cues and fall in demand from jewellers.
Silver followed suit and plunged by Rs 585 to Rs 35,915 per kg on reduced offtake by industrial units and coin makers.
Bullion traders said besides a weak global trend, easing demand from jewellers and retailers at the existing levels dragged down the precious metal from its one-month high.
Globally, gold dropped 0.7 per cent to USD 1,145.60 an ounce in New York in yesterday’s trade. The metal had climbed to USD 1,156.40 on Thursday, the highest since August 24. Silver also declined 0.1 per cent to USD 15.11 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged Rs 260 each to Rs 26,990 and Rs 26,840 per 10 grams, respectively. It had gained Rs 740 in the previous three sessions.
Sovereign also declined Rs 100 to Rs 22,400 per piece of eight grams.
Following gold, silver ready dropped by Rs 585 to Rs 35,915 per kg and weekly-based delivery by Rs 130 to Rs 36,090 per kg.
Silver coins too tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.