Gold set the purge high among the stockists by slipping below Rs. 27,000 mark

Yellow metal rolled off the psychological Rs. 27,000 benchmark here on Friday. Not surprisingly, this was followed by uptight unwinding by stockists and speculative traders disfigured by the heightened global volatility.

Standard gold (99.5 purity) tumbled by Rs 370 to land at Rs 26,635 per 10 grams from Thursday’s closing level of Rs 27,005.

Pure gold (99.9 purity) also wilting by a similar margin to conclude at Rs 26,785 per 10 grams as from Rs 27,155.

Silver too; joined the bandwagon by enduring heavy selling pressure to settle below the Rs 38,000 level amid slow industrial demand.

Silver (0.999 fineness) dropped by Rs 585 to finish at Rs 37,500 per kilo against Rs 38,085 previously.

On the global front, gold for June delivery crashed to settle at $1,174.50 an ounce on the Comex division of the NYMEX late Friday, while silver July contract closed at $16.135 an ounce, as quoted in TOI.

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About Sanika Govekar

An avid reader with a love for English, an achiever; she has a burning desire to succeed. She wants to make a difference to the society and strongly believes that self-discipline and a monumental work ethic can beat natural ability. Aim to Major in Economics.