Gold plunges below 26k level; silver sinks to multi-year lows

Gold prices plunged below the important Rs 26,000 per 10 gm mark at the domestic bullion market today due to aggressive selling by stockists and investors spooked by global commodity meltdown.
Silver also fell sharply to hit a 27-month low and closed below the Rs 43,000 per kg level on heavy unwinding from traders amid subdued industrial demand.
Standard gold of 99.5 per cent purity slumped by Rs 220 to finish at Rs 25,900 per 10 gm from last Saturday's closing level of Rs 26,120.
Pure gold of 99.9 per cent purity dropped by Rs 205 to conclude at Rs 26,050 per 10 gm from Rs 26,255.

Silver ready (.999 fineness) tanked by Rs 830 to end at Rs 42,970 per kg, as compared to Rs 43,800 last weekend.
On the global front, the shiny metal witnessed its uninterrupted eight-session slide on the back of stronger dollar valuation and heavy selling from hedge funds and big speculators following robust US macro economic data amid heightened fears that the US Federal Reserve may wind down its economic stimulus program earlier than expected.
Silver also nosedived to hit a 2-1/2 year low following aggressive fund liquidation.
Spot gold was bid lower at USD 1,352.55 an ounce in early European trade and spot silver at USD 21.39 an ounce.