New Delhi: Gold and silver prices plunged on Thursday, with gold dropping by Rs 1,650 to fall below Rs 80,000, according to the All India Sarafa Association.
Local jewellers’ weak demand amid a downtrend in global markets contributed to the price dip, traders reported. Gold fell to Rs 79,500 per 10 grams from Rs 81,150 on Wednesday, while silver dropped Rs 2,900 to Rs 93,800 per kg due to reduced buying by industrial users and coin makers.
Gold of 99.5% purity also decreased by Rs 1,650, settling at Rs 79,100 per 10 grams. In futures trading, gold traded flat on the MCX at Rs 76,655 per 10 grams for December delivery, while silver slipped slightly to Rs 90,811 per kg.
Internationally, Comex gold futures fell by USD 1.90 per ounce to USD 2,674.40, as focus shifted to riskier assets and the US dollar strengthened. The Bank of England also announced a rate cut to 4.75%, signalling ongoing economic adjustments.
Analysts noted that gold’s future trajectory would depend on the Federal Reserve’s rate decisions and economic guidance, which could impact the metal’s attractiveness as a safe-haven asset.
