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Gold plunges Rs 430, silver hits over six-month low

Press Trust of India  |  Mumbai 

Gold extended its slide for the third straight session at the domestic bullion market here today as prices plunged Rs 430 following sustained selling by stockists and investors coupled with subdued local buying interest as well as bearish international markets.

Silver dropped to hit over six-month low by breaching Rs 41,000-mark on speculative sell-off and lack of industrial buying support.

Standard gold (99.5 per cent purity) dropped by Rs 430 to end at Rs 28,345 per 10 grams from Wednesday's closing level of Rs 28,775.

Pure gold (99.9 per cent purity) also moved down by a similar margin to Rs 28,495 per 10 grams as compared to Rs 28,925 earlier.

Silver (.999 fineness) slumped by Rs 755 to conclude at Rs 40,710 per kg as against Rs 41,465 previously. The level has not been seen since June 9, 2016.

Globally, gold fell to its lowest since February, extending losses after its biggest monthly decline in more than three years, as a surge in prices boosted bond yields, denting interest in non-yielding gold as an alternative investment.

Spot gold was down 0.4 per cent at USD 1,168.27 an ounce in early European trade while US gold futures for February delivery were down USD 4 an ounce at USD 1,169.90.

Silver was 0.7 percent lower at USD 16.35 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 19:13 IST