Gold dipped below the psychological Rs 28,000 level, silver plummeted by Rs 5,005 to Rs 53,760 per kg

Tracking global markets, precious metalsplunged in the national capital today with gold losing Rs 700 to Rs 27,340 per 10 grams and silver slumping by Rs 5,000 per kg for the second day in a row.

Gold dipped below the psychological Rs 28,000 level as stockists reduced their positions in tandem with a steep fall in precious metals in global markets.

On hectic selling by stockists and reduced offtake by industrial units on the back of a weak global trend silver lost Rs 5,000 to Rs 54,000 per kg.

Dealers said that selling pressure in the precious metals remained intact as gold fell on investor sales following routs in global equity and commodity markets.

Gold in global markets, which normally sets the price trend on the domestic front, fell sharply by $101.90, or 5.9 per cent to settle at $1,639.80 an ounce on the Comex.

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Posted by VBN on Sep 24 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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