Gold, silver drops on global cues
Gold and silver prices tumbled at the domestic bullion market in Mumbai today on hectic profit taking by investors and speculators following a sell-off in global markets.business Updated: Sep 15, 2011 19:18 IST
Gold and silver prices tumbled at the domestic bullion market here on Thursday on hectic profit taking by investors and speculators following a sell-off in global markets.
At the international market, the precious metals slipped and equities rose after assurances from Germany and France that they would not allow the Greek to default which triggered investors to offload bullion heavily and get back in to the high yield riskier assets.
Standard gold (99.5 purity) slumped by Rs 410 per 10 gram to end at Rs 27,755 from Wednesday's close of Rs 28,165.
Pure gold (99.9 purity) also plunged by a similar margin of Rs 410 per 10 gram to conclude at Rs 27,890 from Rs 28,300 previously.
Silver ready (.999 fineness) slumped by Rs 985 per kilo to finish at Rs 64,195 as against Rs 65,180 on Wednesday.
In Europe, spot gold was quoted down at $1,802.20 an ounce in early trade and silver also quoted lower at $40.33 an ounce.