Millennium Post

Gold at 2½-year-low in world mkt, loses Rs765/10 gm in India

Gold suffered sharp losses at the domestic bullion market on Thursday due to frantic selling from stockists and investors in the wake of global commodity sell-off.

Sliver also crumbled under massive speculative unwinding and closed below the key Rs 44,000 per kg mark.Standard gold of 99.5 per cent purity slumped by Rs 765 to finish at Rs 27,160 per 10 gm from Wednesday's closing level of Rs 27,925.

Pure gold of 99.9 per cent purity plummeted by Rs 775 to end at Rs 27,295 per 10 gm from Rs 28,070.Silver ready (.999 fineness) tanked by Rs 1,935 to conclude at Rs 43,115 per kg as against Rs 45,050 on Wednesday.

Globally, the yellow metal tanked to hit a 2-1/2 years low after Federal Reserve Chairman Ben Bernanke hinted at the central bank easing its monetary stimulus measures later this year against the backdrop of strengthening US economy.

The Fed's $85 billion a month bond-buying programme helped gold to rally in recent years. In Europe, spot gold was sharply down at $1,302.90 an ounce in early trade and spot silver lower at $20.17 an ounce.
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