swapna
17-11-2007, 11:10 AM
After riding high for the two consecutive trading sessions, domestic gold plunged across the board on Friday as stockists sold a good part of their holdings after a steep overnight fall in overseas markets, reports TNN. The metal fell well below the $800 mark in New York on Thursday which triggered panic selling in the local markets, dealers said.
In local markets, standard gold (99.5) recorded a hefty loss of Rs 265 at Rs 10,175 per 10 gm in Delhi followed by Chennai with a drop of Rs 235 at Rs 10,100 per 10 gm. Mumbai, the largest market for gold in India, registered a fresh loss of Rs 205 before finishing the business at 10,075 and in Kolkata, the metal plunged by similar margin of Mumbai at Rs 10,265 per 10 gm.
Meanwhile, gold prices improved slightly, but hovered below $800 an ounce, as fund managers took advantage of the existing lower price, supported by sliding dollar. In London, spot gold touched an intra-day high of $794.60 before slipping to $792.45/793.15 an ounce, against $785.80/786.60 in New York on Thursday.
Trading sentiment was so week that silver too came under selling pressure as industrial users stayed away from purchase due to high prices. In Chennai, ready silver (.999) crashed by Rs 730 per kg at Rs 19,060, followed by Delhi where the metal plunged by Rs 400 at Rs 19,000 per kg.
In Mumbai, spot silver fell to Rs 19,300, down Rs 350 over the previous close of Rs 19,650 per kg. In Kolkata, however, the metal maintained the previous level of Rs 19,000 per kg on alternate bout of buying and selling
In local markets, standard gold (99.5) recorded a hefty loss of Rs 265 at Rs 10,175 per 10 gm in Delhi followed by Chennai with a drop of Rs 235 at Rs 10,100 per 10 gm. Mumbai, the largest market for gold in India, registered a fresh loss of Rs 205 before finishing the business at 10,075 and in Kolkata, the metal plunged by similar margin of Mumbai at Rs 10,265 per 10 gm.
Meanwhile, gold prices improved slightly, but hovered below $800 an ounce, as fund managers took advantage of the existing lower price, supported by sliding dollar. In London, spot gold touched an intra-day high of $794.60 before slipping to $792.45/793.15 an ounce, against $785.80/786.60 in New York on Thursday.
Trading sentiment was so week that silver too came under selling pressure as industrial users stayed away from purchase due to high prices. In Chennai, ready silver (.999) crashed by Rs 730 per kg at Rs 19,060, followed by Delhi where the metal plunged by Rs 400 at Rs 19,000 per kg.
In Mumbai, spot silver fell to Rs 19,300, down Rs 350 over the previous close of Rs 19,650 per kg. In Kolkata, however, the metal maintained the previous level of Rs 19,000 per kg on alternate bout of buying and selling