Gold prices on Tuesday plunged by Rs 600 to Rs 34,870 per 10 gram in bullion market here, tracking weak global trends amid a strong dollar and easing demand from local jewellers. Globally, spot gold was trading lower at $1,394.39 an ounce, while silver was down at $15.08 per ounce in New York.
“Spot gold ticked lower, held below $1,400 an ounce, due to a strong dollar which rallied to a three-week high. Reduced expectations of an imminent US interest rate cut supported the dollar,” Hareesh V, Head Commodity Research, Geojit Financial Services, said.
