Monday, December 23, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Gold continues to slide on falling demand, global sell-off

Gold continues to slide on falling demand, global sell-off

Mumbai: Gold prices slumped further at the domestic bullion market today 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

PTI Published : Sep 21, 2013 17:26 IST, Updated : Sep 21, 2013 17:29 IST
gold continues to slide on falling demand global sell off
gold continues to slide on falling demand global sell off

Mumbai: Gold prices slumped further at the domestic bullion market today 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 per cent 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 per cent 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 USD 36.80 to settle at USD 1,332.50 an ounce on the Comex division of the NYMEX late yesterday.

Silver December contract also fell USD 1.37 to USD 21.93 an ounce.

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement