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Gold prices tumbled further on sustained offloading by investors even as buyers stayed away from a falling market.
With billionaire investor Jim Rogers comment’s adding to the bearish mood in the market, the precious metal dropped below another psychological level of $1,400 a troy ounce in the global market.
Spot gold in the global market recovered marginally to $1,401.41 an ounce, while gold futures for delivery in June ruled at $1,409.70.
In the domestic market, gold for jewellery (99.5% purity) plunged to Rs 26,815 for 10 gm, while pure gold (90.9% purity) dived to Rs 26,950 for 10 gm.
Last week, Goldman Sachs had issued a statement saying that it would be better to go short on gold. It also lowered its target for gold price at $1,350 an ounce by the end of next year.
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