New Delhi: Gold prices today tumbled by Rs 600 to hit an almost three-week low of Rs 30,950 per 10 grams in the local market here today due to weak global advice. Fall in demand from local jewellers too kept the pressure on the precious metal.
Silver cracked below the Rs 39,000-mark by falling Rs 450 to Rs 38,900 per kg on poor offtake by industrial units and coin makers.
Traders said sentiment was downbeat as the precious metal fell to four-week lows on a firmer dollar amid expectations of more US interest rate hikes, diminishing appeal of gold as a safe haven bet.
In the national capital, gold of 99.9% and 99.5% purity fell steeply by Rs 600 each to Rs 30,950 and Rs 30,800 per 10 grams, respectively. The yellow metal of 99.9% had at Rs 30,950 on 18 January.
Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.
Following the yellow metal, silver ready tumbled by Rs 450 to Rs 38,900 per kg and weekly-based delivery by Rs 820 to Rs 37,735 per kg.
Silver coins, on the other side, were unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in scattered deals.