Millennium Post

Gold dips by Rs 265 to Rs 26,895/10 gm

Gold suffered further setback and plunged below Rs 27,000 per 10 gm mark at the local bullion market on Friday on heavy speculative selling on the back of overnight global commodity meltdown.

Silver also dropped sharply due to frantic unwinding from stockists and traders.Standard gold of 99.5 per cent purity shed Rs 265 to conclude at Rs 26,895 per 10 gm from Thursday's closing level of Rs 27,160. Pure gold of 99.9 per cent purity also lost by a similar margin to close at Rs 27,030 per 10 gm from Rs 27,295 on Thursday.

Silver ready (.999 fineness) plunged by Rs 765 to finish at Rs 42,350 per kg over its previous closing level of Rs 43,115.Globally, the yellow metal crashed below the $1,300 an ounce mark on the back of panic liquidation from hedge funds and investors pressured by US central bank's decision to curtail its bullion-friendly bond buying programme earlier- than-expected.

Gold for August delivery tanked $87.80, or 6 per cent, to close at $1,286.20 an ounce on the Comex division of the NYMEX late on Thursday. Silver July contract plummeted by $1.80 to settle at $19.82 an ounce.
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