Millennium Post

Gold slides by Rs 455 per 10 gm amid world fall; worst 1-day loss in 2014

Gold prices witnessed the biggest single-day plunge of the calendar year and closed below the key Rs 27,000-mark in the domestic bullion market here due to frantic selling by stockists, amid volatile global cues. Moving in line with the general trend, silver also plummeted on the back of massive speculative unwinding. Reeling under the sharp bearish tone adopted by overseas investors, gold collapsed to its lowest levels in nearly six-weeks due to hedge funds selling as well as Fed rate hike fears amid investors’ caution ahead of the FOMC minutes release later in the evening.

Prices of standard gold (99.5 purity) slumped by Rs 455 to conclude at Rs 26,720 per 10 grams from Monday’s closing level of Rs 27,175. Pure gold (99.9 purity) rates also went down by a similar margin to end at Rs 26,870 per 10 grams compared to Rs 27,325. The price of silver (.999 fineness) nosedived by a staggering Rs 1,690 to finish at Rs 37,660 per kg as against Rs 39,350 previously.

On the global front, the price of Gold for April delivery fell by $18.50 to settle at $1,208.60 an ounce on the Comex division of the NYMEX.

Sensex surges by 184 points to three-week high

Riding high on optimism over the upcoming Budget and hopes of rate cut, Indian markets rose for the sixth straight day with benchmark Sensex surging 184.38 points to close at three-week high of 29,320.26 on Wednesday. Interest-rate sensitive counters like consumer durables, power, capital goods and auto led the rally.
Next Story
Share it