Mumbai, Jan. 21: Gold prices plunged by Rs 300 to Rs 16,555 per ten gram at the bullion market here on Thursday on frantic selling by stockists and traders, sparked by a steep fall in international markets.
Silver, too slumped on aggressive offloading by stockists coupled with reduced offtake from industrial users.
Standard gold (99.5 purity) tumbled by Rs 300 per ten grams to close at Rs 16,555 from yesterday’s closing level of Rs 16,855.
Pure gold (99.9 purity) dropped by Rs 295 per ten gram to finish at Rs 16,645 from Rs 16,940 previously.
Silver ready (.999 fineness) fell sharply by Rs 985 per kilo to end at Rs 28,160 from overnight closing level of Rs 29,145.
On the international front, gold prices fell towards $ 1,100 an ounce in Europe after the dollar strengthened to a 5-month high against euro, which reduced the precious metals’ appeal.
Spot gold was bid at $1,103.65 an ounce in early trade as against $1,111.10 late in New York on Wednesday. The US gold futures for February touched $1,104.00 on the NYMEX. — PTI
