Gold goes down below Rs. 30000, silver down by Rs. 41000 per kg

Bearish trend seen in second straight day, gold live prise dipped below the Rs. 30000 stock market by losing Rs. 250 to 29850 per ten grams at the bullion market on Tuesday, among a subdued demand from jewellers and a weak trend overseas. 

Silver live prise also dived by Rs. 600 to 40600 per kg on poor off take by industrial units and coin makers. Goldsmith  said sentiment remained bearish largely in tune with a weak global trend and weakening demand from jewellers and retailers at current levels at the domestic spot markets. Globally, gold plunged by 1.89 % to USD 1263.40 an ounce in New York on Monday on assumption that the Federal Reserve is still on track to boost US interest rates this year. 

Silver fell by 2.55% USD 16.99 an ounce. In the national capital, gold of 99.9 and 99.5% purity tumbled by Rs. 250 each to Rs. 29850 and Rs. 29700 per ten grams, respectively, a level as last seen on April 28. The precious metal had lost Rs. 250 on Monday. 

Sovereign, however, remained steady at Rs. 23300 per piece of eight grams in limited deals. Tracking gold, silver ready dropped by Rs. 600 to Rs. 40600 per kg and weekly-based by Rs. 565 to Rs. 40800 per kg.

In contrast, silver coins continued to be traded at previous level of Rs. 69,000 for buying and Rs. 70000 for selling of 100 pieces.

Slight down in crude oil live, base metals rally in:- 

    Global crude prices have goes down by 0.5 per cent . The increase in US crude reserves have reached a level of 54.31 million barrels. MCX Crude oil techncial chart says that prices on the domestic market seems flat and prices remained at Rs 2970 

Marginal gains in gold:-

MCX gold has gained 0.5 per cent. With 0.5 per cent, gold prices have risen to Rs 29,950. While silver increased 0.75 percent to Rs 41,150 is touched. 

Base meta ls boom

Base metals have gained. With 0.5 per cent to Rs 104.2 on MCX Aluminium has reached. While copper live prise increased about  1 per cent is trading at Rs 314.75. Nickel rose to Rs 587 with a gain of 0.8 percent in terms of commodity. 

Get more knowledge about commodity market.