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Gold plunges further

Gold prices dropped further by Rs 210 to Rs 12,740 per 10gm in the national capital as melting equity markets forced investors to liquidating their investments in other assets.

business Updated: Oct 18, 2008 15:06 IST

Gold prices dropped further by Rs 210 per ten gram in the national capital on Saturday as melting equity markets forced major market players and general investors to liquidating their investments in other assets, including precious metals to pay the heavy losses.

The gold tumbled by Rs 210 at Rs 12,740 per ten gram in line with a steep fall of Rs 380 in last two trading session. Silver too remained under selling pressure and lost Rs 150 at Rs 17,400 per kg, after its prices fell below 10 dollar in the international markets.

The gold in overseas markets fell by 21.23 dollar to 782.90 dollar an ounce in the New York Mercantile Exchange and silver lost 30 cents to $9.335.

World stock markets including India have been on a losing streak ever since housing mortgage crisis deepened, raising recessionary concerns in the US and European financial markets.

The precious metals in India, which normally move in tandem with the global trend, suffered heavy losses as the Bombay Stock Exchange benchmark Sensex plunged over 833 points in last two trading sessions.

Selling pressure gathered momentum, pulling down silver and gold prices even as the peak festival and marriage seasons failed to check the falls.

Standard gold and ornaments fell by Rs 210 each at Rs 12,740 and Rs 12,590 per ten gram respectively while sovereign fell by Rs 50 at Rs 10,600 per piece of eight gram.

Silver ready fell by Rs 150 at Rs 17,400 per kg and weekly-based delivery by Rs 350 at Rs 17,250 per kg. Silver coins gained Rs 300 at Rs 28,500 for buying and Rs 28,600 for selling of 100 pieces on emergence of buying for festivals.