Gold prices tumbled by Rs 950 to Rs 71,050 per 10 grams in the local market here on Monday due to weak demand from jewellers.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity closed at Rs 72,000 per 10 grams in the previous session on Saturday.
Gold of 99.5 per cent purity also plunged Rs 1,650 to Rs 70,700 per 10 grams. On Saturday, it closed at Rs 72,350 per 10 grams.
Silver also declined Rs 4,500 to Rs 84,500 per kg on decreased offtake by coin makers and industrial units.
This marks the biggest single-day fall in silver prices in 2024. It ended at Rs 89,000 per kg in the previous session.
Traders said reduced demand from jewellers as well as retail buyers led to the fall in gold prices.
"Last week, Finance Minister Nirmala Sitharaman in the Budget announced a customs duty cut from 15 per cent to 6 per cent, weighing on the domestic front.
"Post the cut in import duty, gold premiums in India jumped to their highest level in a decade,"
