Gold collapses to 3 month low in India, silver tanks

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Gold collapses to 3 month low in India, silver tanks

Mumbai - The downfall in gold price is likely to continue in the midst of subdued domestic demand and weakening global trend amid uncertainty over the US Federal Reserve's impending interest rate hike.

By PTI

Published: Tue 17 Nov 2015, 5:11 PM

Last updated: Tue 17 Nov 2015, 7:16 PM

Gold prices took a fresh knock, collapsing all the way to hit over a three-month low at the domestic bullion market here following heavy selling by retail investors and jewellery traders on the back waning demand.
Mirroring the general trend, silver also tumbled to close below the psychological significant Rs 35,000 mark owing to massive speculative unwinding.
The downfall in gold price is likely to continue in the midst of subdued domestic demand and weakening global trend amid uncertainty over the US Federal Reserve's impending interest rate hike, a bullion trader said.
Also read: Gold at 4-month low, tumbles Dh 25 on weak global cues
Meanwhile, country's gold imports fell sharply by 59.5 per cent in the month of October at $1.70 billion.
Standard gold (99.5 purity) tumbled by Rs 265 to end at Rs 25,325 per 10 grams from Monday's close of Rs 25,590.
Pure gold (99.9 purity) also dropped by a similar margin to finish at Rs 25,475 per 10 grams compared with Rs 25,740 earlier.
Silver (.999 fineness) tanked by Rs 340 per kg to conclude at Rs 34,765 from overnight level of Rs 35,105.
On the global front, the shiny-metal plummeted to hover near its lowest level in five years ahead of the much awaited release of the US CPI data amid fading geopolitical worries amidst loomimg Fed rate hike fears in their last meeting this year. Spot was trading lower at $1,078.50 an ounce in early European trade, while silver quoted marginally weak at $14.20 an ounce.