Gold & Silver

Gold slumps to 2-month low on heavy selling; silver eases

PTI Mumbai | Updated on January 24, 2018 Published on June 23, 2015

A worker scoops gold shots at Japanese jewellery brand, Ginza Tanaka's original equipment manufacturer (OEM) factory in the Chiba prefecture, east of Tokyo September 14, 2009. Gold prices erased earlier gains and fell on Monday, as the dollar rebounded on short-covering and dragged down other commodities and equities. REUTERS/Yuriko Nakao (JAPAN BUSINESS IMAGES OF THE DAY)

Gold prices fell sharply to the lowest level in two-months on the domestic bullion market today following heavy unwinding by jewellery traders and speculators in the midst of deepening global volatility.

Elsewhere, silver also dropped due to subdued demand from consuming industries.

Standard gold (99.5 purity) slumped by Rs 165 to end at Rs 26,470 per 10 grams from overnight closing level of Rs 26,635.

Pure gold (99.9 purity) also went down by a similar margin to settle at Rs 26,620 per 10 grams against Rs 26,785.

Silver (.999 fineness) tanked by Rs 295 to finish at Rs 37,015 per kg from Rs 37,310 yesterday.

The yellow—metal extended its bearish momentum for the second straight session predominantly by a profit—booking as retail investors and traders preferred to take out some gains after its recent rally against the backdrop of Greek developments, a bullion trader commented.

In worldwide trade, the shiny—metal remained under selling pressure ahead of the much awaited debt deal talks between Greece and its creditors amid surging global equities.

Spot gold was substantially lower at $1,181.70 an ounce in early European trading, while silver quoted little changed at $15.99 an ounce.

Published on June 23, 2015
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