Gold slumps ₹450 to ₹73,600 per 10 gram; silver plummets ₹1,650

Gold prices slumped by ₹450 to ₹73,600 per 10 grams in the national capital on Wednesday, extending losses for the third straight session amid decline in precious metal rates in the overseas markets.

In the previous session, the yellow metal of 99.9% purity had closed at ₹74,050 per 10 grams.

Silver prices also plummeted by ₹1,650 to ₹83,600 per kilogram from ₹85,250 per kg in the previous close, according to the All India Sarafa Association.

Meanwhile, gold of 99.5% purity also plunged by ₹450 to ₹73,700 per 10 grams.

Domestically, traders said reduced demand from jewellers and retail buyers as well as global influences led to the fall in gold prices.

In the international markets, Comex gold was trading 0.13% lower at USD 2,519.80 per ounce.

The bullion is currently trading within a narrow range as traders wait cautiously for US jobs data due on Friday for fresh insights into the Federal Reserve's potential path forward for rate cuts, Chainwala said.

However, silver was quoting marginally higher at USD 28.40 per ounce globally.

Summary of commentary on Current Economic Conditions by the Federal Reserve is commonly known as the Beige Book. This report is published eight times in a year.