Gold slumps by Rs 430 on muted demand, weak global cues
New Delhi: Gold prices dived by Rs 430 to Rs 32,020 per 10 gram at the bullion market on Wednesday, tracking a weak trend overseas amid fall in demand from local jewellers.
Silver followed suit and lost Rs 250 to Rs 40,650 per kg due to reduced offtake by industrial units and coin makers.
Gold weakened as it fell below the USD 1,300 an ounce level to trade at this year's lowest level of USD 1,290.30 an ounce in New York on Tuesday, on surging US bond yields and a stronger dollar. Silver too fell by 1.52 per cent to USD 16.24 an ounce.
Besides, fall in demand from local jewellers and retailers at current levels too weighed on the prices, traders said.