New Delhi : Traders said slowdown in buying by jewellers at existing higher levels at domestic markets, mainly led to fall in gold prices. Gold prices fell from 26-month high by plunging Rs 485 to Rs 30,400 per 10 grams at the bullion market today on considerable fall in demand from jewellers at prevailing higher levels amid profit-selling by stockists, even as the metal strengthened overseas.
Globally, gold shot up by 4.9% to $1,317.94 an ounce, after touching $1,358.54, the highest since March 2014 and silver by 2.6% to $17.73 an ounce in New York in Friday's trade. In the national capital, gold of 99.9 and 99.5% purity dropped by Rs 485 each to Rs 30,400 and Rs 30,250 per ten grams, respectively.
The precious metal had surged Rs 1,215, its biggest single-day gain since August 2013 in on Friday, as Britain voted to exit the European Union leading to blooadbath in global equity and currency markets. Sovereign followed suit and declined by Rs 100 to Rs 23,300 per piece of eight grams.
On the other hand, silver ready advanced by Rs 90 to Rs 42,390 per kg, while weekly based delivery fell by Rs 310 to Rs 42,150 per kg on lack of speculators buying support. On the other hand, silver coins held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.