RBI to announce facility for NRIs to exchange old notes
The Reserve Bank of India (RBI) on Saturday said that it will introduce a facility for exchange of old specified…
With bullion market reopening after 16 days on Monday, gold prices witnessed a massive plunge of Rs.1,750 to Rs.29,400 per 10 grams in the national capital, while silver slumped by Rs.3,100 to Rs.41,600 per kg.
Gold and jewellery establishments had been closed since November 11 after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion in the wake of government’s demonetisation of move.
The survey operations were conducted on November 10 in at least four locations in Delhi-NCR region, including Dariba Kalan, Chandni Chowk and Karol Bagh.
The government on November 8 announced the demonetisation of 500 and 1,000 rupee notes to flush out black money.
In the national capital, gold of 99.9 and 99.5 per cent purity dipped by Rs.1,750 each to Rs.29,400 and Rs.29,250 per ten grams, respectively, while sovereign lost Rs.200 at Rs.24,400 per piece of eight grams.
Gold prices on November 10 stood at Rs.31,150 per 10 gram and silver at Rs.44,700 per kg.
Silver ready prices plunged by Rs.3,100 to Rs.41,600 per kg and weekly-based delivery by Rs.2,725 to Rs.41,175 per kg.
Silver coin followed suit and nosedived by Rs.3,000 to Rs.74,000 for buying and Rs.75,000 for selling of 100 pieces.
Globally, gold traded 0.75 per higher at $1,192.80 an ounce, while silver rose 3 per cent to $16.80 an ounce in Singapore.
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