Gold plunges Rs 700 to Rs 90,550/10g amid hopes of Ukraine-Russia peace deal
Gold prices plunged Rs 700 to Rs 90,550 per 10 grams in the national capital on Monday amid persistent selling by the jewellers and stockists, according to the All India Sarafa Association.
Besides, traders continued to liquidate long positions and book profit after a recent rally amid hopes for a potential Russia-Ukraine peace deal in view of talks between Ukrainian and US officials on Sunday in Saudi Arabia, to end three years of conflict.
The precious metal of 99.9 per cent purity had finished at Rs 91,250 per 10 grams on Friday.
Falling for the third day in a row, gold prices of 99.5 per cent purity declined by Rs 700 to Rs 90,100 per 10 grams from the previous close of Rs 90,800 per 10 grams.
"Gold prices retreated from record highs as geopolitical risks eased following discussions between Ukraine and the US on Sunday, exploring a potential peace deal with Russia.
Silver prices, however, rose by Rs 200 to Rs 1,00,500 per kg from Friday's closing level of Rs 1,00,300 per kg.
