DELHI: Gold prices plummetted on the bullion market on Friday to touch nearly five month low levels on reports of heavy selling by major market players, losing Rs 120 at end Rs 8940 per 10 gram.
Marketmen said some major players off-loaded a bulk stock of gold in the domestic market, which placed the metal at a level last seen on January 8.
They said weakening trend further gathered momentum as the market experienced panic selling from other stockists amid off marriage and festival season.
The report of a major fall in precious metals in the overseas markets last evening, which normally set price trend in domestic markets here, was another dampening factor, they added. The gold in Asia touched a five-week low level of 659 dollar an ounce.
Standard gold and ornaments fell by another Rs 120 each at Rs 8940 and Rs 8790 per 10 gram respectively. Sovereign was also down by Rs 50 at Rs 7550 per piece of eight gram.
Silver ready plunged by Rs 400 at Rs 18,000 per kilo as stockists joined the general weak trend. Silver weekly-based delivery dropped by Rs 435 at Rs 18,000 per kilo on reduced offtake by stockists.
Silver coins lost Rs 100 at Rs 23,900 for buying and Rs 24,000 for selling of 100 pieces.
Source : ET
Marketmen said some major players off-loaded a bulk stock of gold in the domestic market, which placed the metal at a level last seen on January 8.
They said weakening trend further gathered momentum as the market experienced panic selling from other stockists amid off marriage and festival season.
The report of a major fall in precious metals in the overseas markets last evening, which normally set price trend in domestic markets here, was another dampening factor, they added. The gold in Asia touched a five-week low level of 659 dollar an ounce.
Standard gold and ornaments fell by another Rs 120 each at Rs 8940 and Rs 8790 per 10 gram respectively. Sovereign was also down by Rs 50 at Rs 7550 per piece of eight gram.
Silver ready plunged by Rs 400 at Rs 18,000 per kilo as stockists joined the general weak trend. Silver weekly-based delivery dropped by Rs 435 at Rs 18,000 per kilo on reduced offtake by stockists.
Silver coins lost Rs 100 at Rs 23,900 for buying and Rs 24,000 for selling of 100 pieces.
Source : ET