Millennium Post

Gold slides amid global worries, silver hits multi-year low

Gold prices dropped in the domestic bullion market here on Saturday on emergence of fresh selling by stockists and investors triggered by a wider overnight global sell-off. Silver prices also plummeted to a four-year low on back of heavy speculative unwinding as well as sluggish industrial demand.

The fall was mainly attributed to global spill-over, where the broad based commodities bore the brunt of investors’ due to panic selling.

This followed upbeat US jobs data and also growing optimism over economic recovery amid fears of an early rate hike by the US Federal Reserve, a bullion trader commented. Trading was shut on Thursday and Friday on account of ‘Gandhi Jayanti’ and ‘Dussehra’, respectively. Standard gold (99.5 purity) fell by Rs 225 to conclude at Rs 26,560 per 10 grams from Wednesday’s closing level of Rs 26,785.

Pure gold (99.9 purity) also slumped by a similar margin end at Rs 26,710 per 10 grams compared to Rs 26,935. Silver (.999 fineness) shed by Rs 305 to finish at Rs 39,125 per kg against Rs 39,430 previously. On the global front, Gold took a significant hit and tanked below the psychological USD 1,200 an ounce mark on the Comex trade late yesterday to settle at USD 1,192.90 an ounce. Silver December delivery, however, gained to close at USD 17.48 an ounce.
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