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Gold price falls to 1-month low on heavy selling, global plunge
Gold stretched its losing streak to fourth straight day and shed Rs 325 to close below the significant Rs 26,000 barrier - its lowest level in one month -- at the domestic bullion market here Wednesday following heavy unwinding by stockists and speculative traders.
Mumbai: Gold stretched its losing streak to fourth straight day and shed Rs 325 to close below the significant Rs 26,000 barrier - its lowest level in one month -- at the domestic bullion market here Wednesday following heavy unwinding by stockists and speculative traders.
Domestic sentiment turned extremely bearish and volatile after the yellow-metal plummeted to four-week low in worldwide trade overnight ahead of a slew of comments from Federal Reserve policymakers and release of key US macro data amid rally in global stocks.
The shiny-metal has been under immense pressure since last week in the wake of unexpectedly hawkish comments from the Federal Reserve as well as fears over an imminent rate rate hike in December.
Elsewhere, silver also dropped on the back of sluggish demand from industrial users.
Standard gold (99.5 purity) plunged by Rs 325 to finish at Rs 25,950 per 10 grams from Tuesday's closing level of Rs 26,275.
Pure gold (99.9 purity) also slumped by a similar margin of Rs 325 to conclude at Rs 26,100 per 10 grams against Rs 26,425 earlier.
Silver (.999 fineness) fell by Rs 120 per kg to end at Rs 36,450 from Rs 36,570 yesterday.
Globally, Spot gold was trading substantially lower at USD 1,117 an ounce in early European session, while silver quoted marginally lower at USD 15.24 an ounce.