Gold price loses sheen amid global slide; Fed outcome weighs

Aug 21 2014, 18:58 IST
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SummaryGold price remained under immense selling pressure for the third-straight day and plummeted below Rs 28,000...

Gold price remained under immense selling pressure for the third-straight day and plummeted below Rs 28,000 per 10/gram in the domestic bullion market following heavy stockists unwinding following the global uncertainty.

Silver lost further ground due to reduced demand from jewellery-makers amid poor industrial buying.

Standard gold (99.5 purity) slumped by Rs 250 to finish at Rs 27,815 per 10 grams from Wednesday's closing level of Rs 28,065.

Pure gold (99.9 purity) also dropped by same margin to end at Rs 27,965 per 10 grams from Rs 28,215.

Silver (.999 fineness) moved down by Rs 95 to settle at Rs 43,115 per kg against Rs 43,210 yesterday.

Globally, the shiny-metal skidded to two-week low after hawkish minutes from the latest Federal Reserve Policy meet indicated earlier rate hikes alongside a stronger greenback.

Spot gold was sharply lower at USD 1,280.04 an ounce in the early European trade.

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