Mumbai : Gold prices plummeted sharply, hitting nearly 16-month low at the domestic bullion hub as investors and speculators turned to panic selling in light of crash in the global markets.
On MCX, December gold contract was down 2% at 25,446 rupees per 10 gm and
silver was down 3.7% at 34,194 rupees per kg. In worldwide trade, the shiny metal crumbled under widespread sell-off by investors and gold funds.
Silver, mirroring the overall bearishness mood, was battered even more severely. The white metal plunged to more than four-year low and closed below the key Rs 36,000 per kg mark on the back of massive liquidation.
Standard gold (99.5 purity) slumped by Rs 500 to end at Rs 25,455 per 10 grams. Pure gold (99.9 purity) tumbled by Rs 505 to end at Rs 25,600 per 10 grams. Silver (.999 fineness) tanked by a whopping Rs 1,440 to conclude at Rs 35,360 per kg.
In global markets, the precious metal slumped more than 2% as the Republican party’s victory in the US mid-term elections pushed the dollar to a seven-year high and lifted US equity markets.
