Gold price dips below Rs 30,000 mark on intense selloff
Mumbai: Gold prices tumbled to hit its lowest level in a month and closed below the key psychological Rs 30,000 per ten gram mark on the domestic bullion market today on the back of relentless speculative selling amid global meltdown.
Silver also plummeted by over 4 percent to revisit the key Rs 50,000 per kg level following frantic unwinding from stockists and savvy traders.
Standard gold of 99.5 percent purity slumped by Rs 525 to conclude at Rs 29,690 per 10 gm from Thursday's closing level of Rs 30,215.
Pure gold of 99.9 percent purity sank by Rs 525 to end at Rs 29,840 per 10 gm from Rs 30,365.
Silver ready (.999 fineness) tanked by Rs 2,205 to finish at Rs 50,225 per kg as compared to Rs 52,430 previously.
Globally, the shiny metal witnessed a near term rout, its worst one-day fall in more than two months following investors' selling after stronger than expected jobless claims reignited fears that the US Federal Reserve will scale back its bond-buying program in its upcoming policy meet amid recovering economy.
Gold for December delivery plunged USD 33.20 to settle at USD 1,330.60 an ounce on the Comex division of the NYMEX late yesterday. Silver December contract dropped USD 1.02 to USD 22.15 an ounce.