Gold drifts on profit-selling amid global wariness

Written by PTI | Mumbai | Updated: Oct 1 2014, 03:20am hrs
Snapping a three-day rising streak, gold prices dropped at the domestic bullion market here today on fresh bouts of selling by stockists and traders amid poor investment off-take.

Elsewhere, the industrial metal plummeted sharply and closed below the psychologically significant Rs 40,000 per kg mark, following heavy speculative unwinding.

Standard gold (99.5 purity) shed Rs 105 to conclude at Rs 26,755 per 10 grams as compared to Monday's level of Rs 26,860.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 26,905 per 10 grams from Rs 27,010.

Silver (.999 fineness) tumbled by Rs 510 to finish at Rs 39,800 per kg as against Rs 40,310 yesterday.

On the global front, the shiny metal traded almost steady amid investors' caution ahead of key US macro data as well as growing expectations of a rate hike by Fed.

Spot gold was little changed at USD 1,216.71 an ounce in early European trade.