Gold prices plunged by Rs. 500 to Rs. 31,100 per ten grams

Gold plunged Rs. 500 to Rs. 31,100 per ten grams in the national capital on Saturday on profit-selling by stockists at prevailing higher levels and sluggish local demand.

Silver also nosedived by Rs. 570 to Rs. 45,300 per kg on reduced offtake by jewellers and industrial units.

Traders said profit-selling by stockists at prevailing higher levels and sluggish local demand mainly pulled down both gold and silver prices.

In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 500 each to Rs. 31,100 and Rs. 30,900 per ten grams, respectively. It had gained Rs. 300 on Friday.

Sovereign followed suit and declined Rs. 100 to Rs. 25,200 per piece of eight gram.

In a similar fashion, silver ready plunged by Rs. 570 to Rs. 45,300 per kg and weekly-based delivery by Rs. 575 to Rs. 44,545 per kg. The white metal had gained Rs. 270 in the previous session.

Silver coins also witnessed a huge decline of Rs. 1,000 to Rs. 83,000 for buying and Rs. 84,000 for selling of 100 pieces.