Gold price tanks on frantic speculative selling, sliver also slips

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Gold price tanks on frantic speculative selling, sliver also slips (Agencies) Gold price tanks on frantic speculative selling, sliver also slips (Agencies)
SummaryPure gold (99.9 purity) also plummeted by Rs 675 per 10 grams to conclude at Rs 31,790 from Rs 32,465.

Gold came under massive selling pressure today, plunging by a hefty Rs 675 per 10 gm at the bullion market here as speculators pressed for heavy profit-taking triggered by overnight global plunge.

Silver also slumped on heavy unwinding by stockists and traders.

Today's drop wiped out the entire recent gain posted by the yellow metal, which had tested fresh historic highs.

Standard gold (99.5 purity) nosedived by Rs 675 per 10 grams to end at Rs 31,650 from Wednesday's closing level of Rs 32,325.

Pure gold (99.9 purity) also plummeted by Rs 675 per 10 grams to conclude at Rs 31,790 from Rs 32,465.

Silver ready (.999 fineness) tumbled by Rs 740 per kg to finish at Rs 63,310 as against Rs 64,050 yesterday.

Globally, gold took a hit, crashing more than 1.5 per cent on Wednesday, its biggest one-day fall, after the risk sentiment-driven rally lost its steam on growing uncertainty over the recent Greek debt deal and looming fiscal crisis in US led to widespread liquidation by nervous investors.

In New York, gold for December delivery fell by USD 25.80 an ounce (28 gm) to settle at USD 1,716.50 an ounce on the Comex division of the NYMEX.

March silver contract declined by 30 cents to close at USD 33.77 an ounce.

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