Gold and Silver Moves Nearly Rs 300 Down
A sigh of relief for the consumers as the Gold and silver rates have witnessed a drop, with Gold dropping by Rs. 305 and silver dropped by Rs. 300.
The gold reached Rs. 27,185 per 10 grams and saw a drop of Rs. 305 and silver reached Rs. 62,500 per kg and witnessed a drop of Rs. 300.
In the global market, gold dropped by $40.60 an ounce and reached $1788.50 an ounce and in case of silver, the drop was by 1.49% and finished at $40.88 an ounce.
If to talk about the domestic equity markets, the gold with 99.5% purity and 99.9% purity has been the first choice of the customers and a drop of 305 was a relief for them. Earlier, on Monday, the same metal dropped by Rs. 600, however, sovereign dropped Rs. 100 to Rs. 22,300 for every eight grams.
Silver had witnessed a drop of Rs. 1,800 in previous session and a drop of further 300 will encourage the customers to purchase the metal.
According to sources, "Sustained selling by stockists in line with a weak trend overseas amid fall in demand at existing higher levels mainly pulled down both the precious metals".