Gold,silver tumble on heavy speculative sell-off

Sell-off in the precious metals overseas took a heavy toll on the domestic bullion market in Mumbai as prices of gold and silver dropped sharply.

Sell-off in the precious metals overseas took a heavy toll on the domestic bullion market here today as prices of gold and silver dropped sharply under the impact of frantic unwinding by speculators and traders.

Gold lost a whopping Rs 760 per 10 grams,while silver tanked by Rs 2,070 per kilo.

Globally,gold fell below the psychological USD 1,600 mark along with other safe-heaven investments amid US Federal Reserve Chairman Ben Bernankes comment that the central bank is ready to take further steps to promote strong economic recovery,prompting investors to sell the metal.

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Standard gold (99.5 purity) plunged Rs 760 per 10 grams to end at Rs 25,915 from Tuesdays closing level of Rs 26,675.

Pure gold (99.9 purity) tumbled by Rs 745 per 10 grams to finish at Rs 26,050 from Rs 26,795 previously.

Silver ready (.999 fineness) slumped by Rs 2,070 per kg to close at Rs 50,145 as against Rs 52,215 yesterday.

In London,spot gold was down by 1.3 per cent at USD 1,599.70 an ounce in early trade. Silver also lost nearly 5 per cent to quote at USD 28.62 an ounce.

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bullion market

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