NEW DELHI — Gold prices tumbled INR 1,000 to slip below the INR 80,000 level in the national capital on Monday amid weak global trends, according to local marketmen. The precious metal of 99.9 per cent purity tanked INR 1,000 to INR 79,400 per 10 grams against the previous close of INR 80,400 on Friday. Silver declined INR 1,600 to INR 91,700 per kg. The metal finished at INR 93,300 per kg on Friday. The price of gold with 99.5 per cent purity plunged IMR 1,000 to INR 79,000 per 10 grams. The yellow metal had settled at INR 80,000 per 10 grams in the previous session on Friday. “Gold witnessed a sharp decline of more than INR 1,000 below INR 76,500, as the war premium faded, with no fresh geopolitical escalations over the weekend to sustain the rally,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Last week’s strong surge in MCX and Comex prices prompted profit booking, leading to the unwinding of long positions. This week, traders will await weekly jobless claims and the Fed’s Federal Open Market Committee (FOMC) meeting minutes, which will more direction for the yellow metal, Trivedi added. Meanwhile,...