Gold prices plummeted to two-week lows at the domestic bullion market on Friday on emergence of aggressive profit-taking by stockists and traders. Silver, too, tanked and hit fresh four-month lows on the back of heavy speculative unwinding.
Standard gold of 99.5 per cent purity tumbled by Rs. 490 to end at Rs. 30,305 per 10 gm from Thursday’s closing level Rs. 30,795. Silver ready (.999 fineness) nosedived by a hefty Rs. 1,800 per kg to finish at Rs. 57,250 from Thursday’s close of Rs. 59,050.
The crash was attributed to global spill over where the precious metals received a major overnight setback. Investors went on panic selling triggered by strong dollar after the US Federal Open Market Committee (FOMC) minutes hinted at an early end to the Federal Reserve’s quantitative easing measures.
In New York, gold for February delivery fell by $14.20 at $1,674.60 an ounce on the Comex division of the NYMEX late Thursday.
