Gold, silver log out of 2016 on muted note, post annual gains

Halting its four-day upmove, gold on Saturday plunged Rs 200 to Rs 28,300 per 10 grams on the last trading day of 2016, in keeping with a subdued trend overseas amid fall in demand from jewellers.

Silver, too, dropped Rs 500 to Rs 39,400 per kg due to lower offtake by industrial units and coin makers.

The precious metal got back some of its sheen in 2016, more so after the Brexit shock and volatility due to Chinese market rout. Overall, global growth worries and geo-political risks amid collapsing oil prices have come as a "perfect blend" for gold, which added to its safe haven appeal.

Gold hit a high of Rs 31,750 per 10 grams on November 9 and a low of Rs 25,390 on January 1 in 2016.

For the year, the yellow metal registered a notable gain of Rs 2,910, or 11.46%, in its prices while silver climbed Rs 6,100, or over 19%.

Globally, it zoomed to $1,372.60 an ounce in August 2016 from $1,060.20 in 2015 before settling at $1,150.90, a growth of over 9%.

ALSO READ: Gold heading for 7th weekly loss on 2017 rate hike views 

Also, silver skyrocketed 50% to hit a high of $20.70 an ounce before pulling back in early November to $15.70 and ended at $15.88, a rise of $1.92, or about 14%.

Marketmen said that apart from a weak global trend, fall in demand from jewellers and retailers at the domestic spot market mainly pushed down the prices of the precious metals on Saturday.

Overseas, gold fell 0.59% to $1,150.90 an ounce and silver by 1.49% to $15.88 an ounce in New York on Friday.

In Delhi, gold of 99.9% and 99.5% purity plunged by Rs 200 each to Rs 28,300 and Rs 28,150 per 10 grams, respectively. The precious metal had gained Rs 950 in the previous four days.

Sovereign, however, remained steady at Rs 24,000 per piece of eight grams in limited deals.

Tracking gold, silver ready plunged by Rs 500 to Rs 39,400 per kg and weekly-based delivery cracked below the Rs 39,000 mark by falling Rs 980 to Rs 38,700 per kg.

Silver coins, however, continued to trade at the previous level of Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

ALSO READ: Gold, silver outshine share market; give better returns