Mumbai: Gold prices dropped to over three month lows to revisit the Rs 25,000-level at the domestic bullion market here today on heavy sell-off from stockists and investors driven by a fall in global markets amid concerns over Chinese equity market. While, silver witnessed intense speculative selling amid subdued industrial offtake to revisit Rs 35,000-level.
The precious metals took a hit at global markets following sharp gains in US dollar on worries over Chinese growth and uncertainties as global financial markets watched the tumble in its stock markets.
Standard gold (99.5 purity) slid by Rs 155 to end at Rs 25,950 per 10 grams (the level last seen on March 20, 2015) from Tuesday’s closing level of Rs 26,105.
Pure gold (99.9 purity) also tanked by a similar margin of Rs 155 to finish at Rs 26,100 per 10 grams from Rs 26,255. Silver (.999 fineness) tumbled by a whopping Rs 1,130 to conclude at Rs 35,115 per kg (the level last seen on November 14, 2014) as compared to Rs 36,245 previously.
In New York, gold for August delivery on Comex settled at USD 1,152.60 an ounce. While, silver sank 78.4 cents to close at USD 14.69 an ounce.