Zee Media Bureau
New Delhi: Gold prices plummeted sharply for the second straight day in domestic bullion market Wednesday, tracking a weak trend overseas amid slackened demand from retailers at prevailing levels at domestic spot market.
Gold for delivery in June was trading lower by Rs 127, or 0.42 percent, to Rs 30,097 per 10 gram at the Multi Commodity Exchange.
Domestic sentiment turned bearish suddenly after the precious metal slumped from its 15-month high in overseas trade as the dollar recovered from a slide to its lowest in over a year amid renewed concerns over US interest rate hike.
Moreover, stockists and traders preferred to take out some profits in the face of sudden global volatility.
In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 150 each to Rs 30,100 and Rs 29,950 per 10 grams, respectively. It had gained Rs 50 yesterday.
At Mumbai, gold prices closed below the psychologically key Rs 30,000 mark on sustained unwinding by jewellery stockists and investors.
In worldwide trade, the shiny-metal traded lower at USD 1,285.70 an ounce mark in early European trade, while silver quoted weak at USD 17.355 an ounce.
Meanwhile, prices have rallied 21 percent in 2016 after three years of losses, as investors returned to haven assets amid concerns that a deteriorating global economy may delay the end of low borrowing costs in the US.
With Agency Inputs