NEW DELHI: Gold prices tumbled by 400 to hit one-week low of 26,750 per 10 grams at the bullion market today amid a weak global trend and low demand from jewellers and retailers.

Silver also plunged by 1,350 at 36,650 per kg on poor offtake by industrial users and coin makers.

Bullion merchants said apart from sluggish demand from jewellers and retailers, a weakening global trend where gold declined to over one-week low after minutes of the Federal Reserve’s last meeting showed that some policymakers favoured raising interest rates in June, mainly dampened the sentiments here.

Gold prices in Singapore, which normally determines trends on the domestic front, fell by 0.8 per cent to $1,192.74 an ounce, the lowest since April 1 and silver dropped 1.8 per cent to $16.23 an ounce, the lowest since March 20.

In the national capital, gold of 99.9 per cent purity suffered a sharp set-back of 400 each at 26,750 and 26,600 per 10 grams, respectively, a level last seen on April 1. The precious metal has lost 100 in the past two days.

Sovereign, however, held steady at 23,700 per piece of eight grams.

Tracking gold, silver ready also dropped by 1,350 at 36,650 per kg and weekly-based delivery by 1,270 at 36,450 per kg.

Silver coins also nosedived by 2,000 at 55,000 for buying and 56,000 for selling of 100 pieces.

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