Gold prices plunged in the domesticbullion market today due to heavy unwinding from stockists and traders amid subdued offtake by jewellery makers at existing levels.
Silver also slumped on the back of speculative sell-off coupled with reduced industrial demand.
Standard gold of 99.5% purity slumped by Rs. 500 to conclude at Rs. 29,650 per 10 gm from last Saturday's closing level of Rs. 30,150.
Pure gold of 99.9% purity also fell by Rs. 500 to end at Rs. 29,800 per 10 gm from Rs. 30,300.
Silver ready (.999 fineness) tanked by Rs. 1,000 to finish at Rs. 50,200 per kg from Rs. 51,200 last weekend.
Globally, the yellow metal continued its slide in the midst of Fed tapering uncertainties and easing geopolitical tensions in Syria despite weak dollar.
Spot gold was bid lower at $1,317.61 an ounce in early European trade.