Monday, November 29, 1999

Gold tanks on heavy sell-off; silver also slips

News posted by www.newsinfoline.com

Mumbai, May 10 (PTI) Gold prices tanked by Rs 460 per ten grams at the bullion market here today on heavy offloading by stockists and speculators sparked by a steep fall in global markets. Gold in global markets suddenly turned bearish and lost its safe-haven tag after an USD 1-trillion global emergency fund was approved by European policy makers to prevent a sovereign debt crisis spreading over to other eurozone nations. Silver also declined in the absence of demand from industrial users. Standard gold (99.5 purity) tumbled by Rs 460 per ten grams to close at Rs 17,495 from last Saturday''s closing level of Rs 17,955. Pure gold (99.9 purity) dropped by Rs 455 per ten grams to end at Rs 17,580 as against Rs 18,035 previously. Silver ready (.999 fineness) fell by Rs 190 per kilo to settle at Rs 29,040 from Rs 29,230 previously. In London, spot gold was bid at USD 1,194.15 an ounce in early trade as against USD 1,207.75 late in New York on Friday. US gold futures for June delivery fell by USD 15.70 to USD 1,194.70 an ounce on the Comex division of the NYMEX. PTI EDM SBP.

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