Gold continues to slide on falling demand, global sell-off
Gold prices slumped further at the domestic bullion market on Saturday due to consistent selling by stockists as well as subdued investment offtake amid bearish overseas sentiment.business Updated: Sep 21, 2013 17:26 IST
Gold prices slumped further at the domestic bullion market on Saturday due to consistent selling by stockists as well as subdued investment offtake amid bearish overseas sentiment.
Silver also plummeted on the back of heavy speculative unwinding coupled with lower industrial demand.
Standard gold of 99.5% purity dropped by Rs 260 to conclude at Rs 30,000 per 10 gm from Friday's closing level of Rs 30,260.
Pure gold of 99.9% purity shed Rs 260 to end at Rs 30,145 per 10 gm.
Silver ready (.999 fineness) plunged by a hefty Rs 1,320 to finish at Rs 50,275 per kg from overnight close of Rs 51,595.
Globally, the shiny metal succumbed to massive profit-taking by hedge funds and investors, after its recent sharp upsurge following the Federal Reserve's surprise decision to maintain its monetary stimulus intact.
December gold dropped $36.80 to settle at $1,332.50 an ounce on the Comex division of the NYMEX late on Friday. Silver December contract also fell $1.37 to $21.93 an ounce.