E-Paper
Gold plunges to one-month low on heavy sell-off
Gold prices nosedived to nearly one-month low at the domestic bullion market in Mumbai on Friday on emergence of heavy speculative selling by traders and hectic stockists offerings triggered by a downtrend in international markets.
Gold prices nosedived to nearly one-month low at the domestic bullion market in Mumbai on Friday on emergence of heavy speculative selling by traders and hectic stockists offerings triggered by a downtrend in international markets.
Silver too fell due to high amount of profit-taking.
Standard gold (99.5 purity) tumbled by Rs 270 per ten grams to close at Rs 16,830 from overnight closing level of Rs 17,100. Pure gold (99.9 purity) tanked by Rs 265 per ten grams to end at Rs 16,920 from Rs 17,185 yesterday.
Silver ready (.999 fineness) dropped by Rs 225 per kg to finish at Rs 27,850 against Rs 28,075 previously.
In New York, gold futures slumped to close on higher dollar against basket currencies.
Gold for February fell by USD 28.80, or 2.5 per cent to USD 1,107.4 an ounce at NYMEX. Silver for March delivery declined by 50 cents, or 2.9 per cent at USD 17.195 an ounce.
