Gold and silver prices tumbled at the domestic bullion market here on Thursday on frantic sell-off by stockists and speculators in view of massive unwinding in the international markets.
The precious metals crashed at the New York Comex, witnessing a spurt of sell-off caused by Federal Reserve Chairman, Mr Ben Bernanke’s indication of no further quantitative easing as US economy is showing improvement amidst better job data boosting the dollar.
In India, standard gold of 99.5 per cent purity plunged by Rs 940 to close at Rs 27,680 per 10 grams from Wednesday’s closing level of Rs 28,620.
Pure gold of 99.9 per cent purity also plummeted by a similar margin to end at Rs 27,810 per 10 grams from Rs 28,750 yesterday.
Silver ready (.999 fineness) nosedived by Rs 2,545 per kg to conclude at Rs 58,275 from overnight closing level of Rs 60,820.
In New York, gold for April delivery dropped $77.10 to $1,711.30 an ounce on the Comex division of the NYMEX late yesterday.
Silver for March contract fell $2.56 to $34.58 an ounce.