Gold tumbles Rs9,050; silver declines 10,500

New Delhi:Gold prices slumped by Rs 9,050 to Rs 1.43 lakh per 10 grams while silver tumbled Rs 10,500 to Rs 2.30 lakh per kg in the national capital amid subdued domestic demand and weak global trends.According to the All India Sarafa Association, gold of 99.9 per cent purity plunged by Rs 9,050, or nearly 6 per cent, to Rs 1,43,600 per 10 grams from Friday’s closing level of Rs 1,52,650 per 10 grams.

Silver also declined sharply by Rs 10,500, or 4.36 per cent, to Rs 2,30,000 per kg. The white metal had settled at Rs 2,40,500 per kg in the previous market session.In the international market, spot gold fell $227.42, or 5.06 per cent, to $4,263.73 per ounce, while silver fell $4.25, or 6.3 per cent, to $63.53 per ounce.”

Precious metals extended last week’s losses, with spot gold slipping to a four-month low in intraday trading on Monday,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.He attributed the sharp fall to escalating tensions in West Asia, which pushed oil prices higher and stoked inflation concerns, raising the likelihood of a hawkish monetary policy stance.”