Gold sinks below Rs 27K-mark on stockist selling, global cues
Mumbai: Gold prices tumbled below the psychologically important Rs 27,000 per 10 gm mark at the domestic bullion market Saturday amid profit by stockists and global cues.
Silver also fell sharply following heavy speculative unwinding and closed below the Rs 45,000 per kg level.
Standard gold of 99.5 percent purity plunged by Rs 300 to conclude at Rs 26,900 per 10 gm from Friday's closing level of Rs 27,200.
Pure gold of 99.9 per cent purity slumped by Rs 310 to close at Rs 27,035 per 10 gm from Rs 27,345.
Silver ready (.999 fineness) was down by Rs 545 to finish at Rs 44,675 per kg, compared to overnight closing level of Rs 45,220.
Globally, the shiny metal retreated after a brief pull back rally and settled below the USD 1,400 an ounce level following strong US macro economic data.
Gold for August delivery dropped USD 19 to end at USD 1,393 an ounce on the Comex division of NYMEX late yesterday and silver July contract slipped 45 cents to USD 22.24 an ounce.