Quick view: Gold down R500, silver sheds R1,700

Written by The Financial Express | Updated: Sep 30 2011, 05:35am hrs
Both gold and silver tumbled in the bullion market today due to reduced offtake by stockists and jewellery makers at existing higher levels amid a weak global trend. While gold plunged by R500 to R26,440 per 10 gram , silver lost R1,700 to R53,500 per kg on sluggish demand. On the domestic front, gold of 99.9 and 99.5% purity plummeted by R500 each to R26,440 and R26,300 per 10 gram, respectively.

In line with a general weak trend, silver ready dropped by R1,700 to R53,500 per kg and weekly-based delivery by R1,260 to R52,440 per kg, respectively. Gold in global markets recorded a sharp fall of $40 to $1,609.70 an ounce in New York last night.