Gold, silver plunges on weak global trend

Gold prices drifted lower by ₹497 to ₹38,685 per 10 gram; Silver dropped by ₹1,580 to ₹47,235 per kilogram

Gold prices on September 26 drifted lower by ₹497 to ₹38,685 per 10 gram in the bullion market in New Delhi, tracking a weak global trend, according to HDFC Securities.

Silver also dropped by ₹1,580 to ₹47,235 per kilogram from ₹48,815 per kilogram on September 25.

Gold prices for 24 Karat closed at ₹39,182 per 10 gram in the previous trade in New Delhi.

“Spot gold [Delhi] prices opened lower following overnight selling in spot COMEX gold. The correction in gold prices comes ahead of the start of the festive season which could lift demand,” said Devarsh Vakil, Head – Advisory (PCG), HDFC Securities.

In the global market, gold prices were trading lower at $1,508 per ounce, while silver traded at $17.90 an ounce.

“International gold prices witnessed sell off after U.S. President Donald Trump told a trade deal with China could happen sooner than expected that damped the safe haven demand,” Mr. Vakil added.

Global markets rallied after Mr. Trump’s comments on trade deal with China. Meanwhile, the BSE benchmark index zoomed over 396 points on September 26 amid positive cues from global markets.

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