Sovereign gold on Monday held steady at Rs 25,200 per piece of 8 grams.Gold gave a return of over 6 per cent in year gone by.
Ending last session of 2018 on a weaker note, gold prices on Monday plunged by Rs 370 to Rs 32,270 per 10 grams at bullion market, reported news agency Press Trust of India.
Monday's decline came due to a considerable fall in demand from local jewellers amid muted trend overseas.
In line with gold prices, silver also dipped Rs 125 to Rs 39,100 per kg on subdued fag-end demand from industrial units and coin makers.Besides, a stronger rupee against dollar making imports cheaper exerted pressure on prices of precious metal, reported agency citing traders.Moreover, marketmen also said shifting of funds towards rising equity market was another factor for decline in gold prices.
In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 370 each to Rs 32,270 and Rs 32,120 per 10 grams, respectively.
The gold prices, however, had risen by Rs 190 in previous two sessions.
Sovereign gold on Monday held steady at Rs 25,200 per piece of 8 grams.For year, gold prices jumped by Rs 1,870, or 6.15 per cent, as compared with price of Rs 30,400 per 10 grams on December 30, 2017.
Silver, on other hand, lost Rs 880, or 2.2 per cent, against Rs 39,980 per kg as on December 30, 2017.Globally, gold prices scaled a six-month high on Monday but was poised for its first annual decline since 2015 after previous declines on higher interest rates and dollar strength from Sino-US trade conflict, reported news agency Reuters.Spot gold rose 0.1 per cent to $1,282.62 an ounce in intraday trade, with a dip in dollar helping to lift metal to its highest since June 19.
US gold futures were also up 0.1 per cent at $1,284.Silver ready also fell by Rs 125 to Rs 39,100 per kg Monday, while weekly-based delivery was marginally down by Rs 6 to Rs 38,700 per kg.
Silver coins were, however, unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.