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Gold plunges to five-month low
April 03, 2003 15:23 IST
Gold plunged by Rs 130 per ten gram at the opening and touched a five-month low of Rs 5180 on the bullion market in Mumbai on Thursday due to heavy selling spree.
The fresh offering was attributed to a heavy fall in gold prices at New York on Wednesday due to heavy selling by speculators and investors who offloaded gold to buy dollar-based assets like stocks after a steep rise in US dollar and stock prices, dealers said.
Silver also crashed following heavy stockists' offering in line with gold.
Standard gold (99.5 purity) plummeted by Rs 130 at the onset and was quoted at Rs 5180 as against the previous close of Rs 5310.
Pure gold (99.9 purity) also fell steeply by Rs 115 to Rs 5225 from the last close of Rs 5340.
In New York, June gold futures had nose-dived by $4.80 per ounce to $330.40 on Wednesday.
Ready silver (.999 fineness) opened at Rs 7600, which was Rs 100 lower than the previous close of Rs 7700.
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