Gold and silver prices tumbled at the domestic bullion market here on Thursday on frantic sell-off by stockists and speculators in view of massive unwinding in the international markets.
The precious metals crashed at the New York Comex, witnessing a spurt of sell-off caused by Federal Reserve Chairman Ben Bernanke's indication of no further quantitative easing as U.S. economy is showing improvement amidst better job data boosting the dollar.
In the domestic market, standard gold of 99.5 per cent purity plunged by Rs.940 to close at Rs.27,680 per 10 grams against Wednesday's closing level of Rs.28,620.
Pure gold of 99.9 per cent purity also plummeted by a similar margin to end at Rs.27,810 per 10 grams from Rs.28,750 in the previous day.
Silver ready (.999 fineness) nosedived by Rs.2,545 a kg to conclude at Rs.58,275 from the overnight closing level of Rs.60,820.
In New York, gold for April delivery dropped by $77.10 to $1,711.30 an ounce on the Comex division of the NYMEX late Wednesday. Silver for March contract fell $2.56 at $34.58 an ounce.
