Gold prices came off a three-year high by plunging Rs 600 to Rs 31,150 per 10 grams on Thursday, hit hard by big fall in demand from jewellers amid profit-booking by stockists, but the metal firmed up overseas. Silver too broke below the Rs 45,000-mark by slipping Rs 300 to Rs 44,700 per kg on stockists selling amid reduced offtake by coin makers.
Traders said slowdown in buying by jewellers at the existing higher levels mainly dragged the precious metal down from the three-year highs. However, a firming trend overseas where gold surged 0.92 per cent to $1,289.90 in Singapore capped the downside. In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 600 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively. Gold prices on Wednesday hit a 3-year high of Rs 31,750 per 10 grams, gaining a whopping Rs 900, after the Govt scrapped high-denomination notes to curb black money.