Gold price falls below Rs 28,400, plunges over Rs 500
Zee Media Bureau
Gold prices fell by Rs 478 to Rs 28,390 per ten grams in futures trade Thursday as speculators offloaded their positions in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in February declined by Rs 478 to Rs 28,390 per ten grams after moving in range of Rs 28,361- Rs 28,785.
Similarly, silver for delivery in March nosedived by Rs 1,593 to Rs 43,755 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, hit 6-month low to below USD 1,200 per ounce today as the US Federal Reserve announced plans to cut its monthly bond purchases to USD 75 billion from USD 85 billion.
Spot gold last traded down USD 22 or 1.81 percent at USD 1,197.70 per ounce after hitting an intra-day low of USD 1,192.60 per ounce.