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Gold plunges below Rs 30,000 mark on stockists' selling

Gold slipped on Monday,reversing early gains as growing conviction the US Federal Reserve would decide to roll back its stimulus from this monthdented the metal's appeal as a hedge against inflation.

business Updated: Sep 16, 2013 19:35 IST

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.

First Published: Sep 16, 2013 13:20 IST