Gold plunges below Rs 30k mark on heavy unwinding

Written by PTI | Mumbai | Updated: May 9 2014, 02:45am hrs
Gold prices plunged below the key psychological mark of Rs 30,000 per 10 grams at the domestic bullion market today due to frantic selling from investors and speculators against a backdrop of global sell-off amid easing geopolitical concerns.

Silver also tumbled on the back of heavy unwinding from traders as well reduced industrial demand.

Standard gold (99.5 purity) slumped by Rs 215 to finish at Rs 29,865 per 10 grams from Wednesday's closing level of Rs 30,080.

Pure gold (99.9 purity) also dropped by Rs 220 to end at Rs 30,010 per 10 grams as against Rs 30,230.

Silver (.999 fineness) tanked by Rs 710 to conclude at Rs 42,755 per kg from Rs 43,465 previously.

On the global front, the shiny lost its safe-haven appeal and retreated below the key USD 1,300 an ounce mark as investors took profits after recent sharp rally as well as easing of Ukraine crisis.

Gold for June delivery fell USD 19.70 to settle at USD 1,288.90 an ounce on the Comex division of the NYMEX late yesterday, while silver ended at USD 19.34 an ounce.