Global gold dip fear pulls domestic rate to 3-1/2 month low

Gold prices took severe beating and plummeted to nearly three-and-a-half-month low at the domestic bullion market on Thursday as traders and stockists dumped the shiny metal for fear of a steep slide in overseas markets.

Standard gold (99.5 purity) slumped by Rs 275 to finish at Rs 26,575 per 10 grams from Wednesday’s closing level of Rs 26,850. Pure gold (99.9 purity) also dropped by similar margin to end at Rs 26,725 per 10 grams against Rs 27,000 previously.