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November 13, 2007 18:05 IST
Gold prices suffered a loss of Rs 480 per 10 gram, biggest one-day fall in more than 20 months, on the bullion market today due to emergence of stockists selling amid reports of a steepest fall in global markets.
The gold lost Rs 480 to Rs 10,030 per ten gram. A similar fall was seen on March 21 last year when it dropped by Rs 500.
The selling pressure sparked following reports that the precious metal tumbled more than 3 per cent in the US market last evening.
Gold tumbled in the US after yen strengthened against major currencies, slowing the pace of investment in the precious metal and other commodities.
Gold futures for December delivery fell $26.60, or 3.2 per cent, to 808.10 dollar an ounce on the Comex division of the New York Mercantile Exchange. A close at that price would mark the biggest percentage drop since August 16.
Silver futures for December delivery fell 70.5 cents, or 4.5 per cent, to $14.84 an ounce.
The impact was witnessed in the domestic market here this morning when gold opened lower and plunged further to close at Rs 10,030 per 10 gram. Similarly, ornaments dropped by a same margin to Rs 9,880 per 10 gram and sovereign fell by Rs 50 to Rs 8,500 per piece of 10 gram.
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