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Mumbai, Jan. 22 Precious metals weren’t indifferent to the equity market volatility, witnessing profit booking and buying at low levels. Gold prices nosedived by about $20 an ounce to $849.50 in the international spot market but recovered thereafter to $863.70/oz.

Tracking the international trend, gold prices in India also softened initially, that triggered a short lived buying spree, said Mr Suresh Hundia, President of Bombay Bullion Association.

But apart from some buying at low levels, there is still a wait and watch period, say traders.

Gold prices dropped to Rs 10,920 per 10 gm from where it topped the psychological mark of Rs 11,000 per 10 gm.

More Stories on : Gold & Silver | Commodity Markets

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