Gold plunges Rs 8,900 in five sessions

Gold prices fell for the fifth consecutive day on Tuesday to trade at Rs 1.58 lakh per 10 grams in the national capital, down by Rs 2,700, amid a global sell-off.

Gold of 99.9 per cent purity depreciated by Rs 2,700 to a nearly two-week low of Rs 1,58,200 per 10 grams (inclusive of all taxes) from Monday’s closing level of Rs 1,60,900 per 10 grams, according to local traders. The precious metal had traded at this level on August 19, when it was quoted at Rs 1,58,000 per 10 grams.

In the past five sessions, gold has plunged by Rs 8,900, or 5.3 per cent, from Rs 1,67,100 per 10 grams recorded on August 25.

Silver also declined by Rs 5,000 to Rs 2,40,500 per kg (inclusive of all taxes). The white metal had ended flat at Rs 2,45,500 per kg on Monday. The pressure on bullion came as a fresh escalation between the US and Iran pushed oil prices higher, stoking inflation concerns and sharpening the focus on the interest-rate outlook.