Gold price plunged below the key psychological mark of Rs 31,000 per 10/grams at the domestic bullion market today on heavy selling by stockists and investors amid bearish overseas sentiment.
The industrial metal,silver continuing its losing streak for the seventh straight session,tumbled to a three-month low on back of frantic speculative unwinding coupled with subdued demand from coin makers.
Standard gold (99.5 purity) dropped by Rs 150 to conclude at Rs 30,915 per 10 grams from overnight closing level of Rs 31,065.
Pure gold (99.9 purity) also shed a similar margin to end at Rs 31,065 per 10 grams as against Rs 31,215.
Silver ready (.999 fineness) tanked by Rs 735 to finish at Rs 46,890 per kg from Monday’s close of Rs 47,625.
On the global front,the shiny metal lost more than one per cent in overnight trade following heavy hedge fund selling spooked by growing uncertainty about the Federal Reserve’s stimulus outlook as well as stronger equity markets.
Gold December delivery fell USD 15.10 to settle at USD 1,272.30 an ounce on the Comex division of the NYMEX late yesterday. Silver December contract also closed lower at USD 20.36 an ounce.