New Delhi: Gold, platinum and silver have plunged to their lowest in more than seven months.
The commodities have plunged on concerns of global economic slowdown impacting the demand for raw material. Gold's appeal as an investment option took a major hit on Tuesday.
The prices of Gold plunged by over Rs 500 to Rs 11,390 per 10 gram, following a sharp fall in its rates in global markets amid the dollar staging a smart surge against its rival currencies.
Traders said the market saw a free-fall as gold prices lost a hefty $61 to $802.37 dollar an ounce in global markets.The precious metal commenced the day with a notable fall of nearly Rs 945 at Rs 11,000 per 10 gram, recovered on emergence of buying by stockists and jewelery fabricators to meet the festival demand.
The weakening trend extending to silver as the metal in global markets fell to nearly six months low levels. Silver ready plunged by Rs 1,350 to Rs 20,600 per kg and weekly-based by Rs 1,250 at Rs 20,430 per kg, respectively.
Silver coins dropped by Rs 600 at Rs 27,200 for buying and Rs 27,300 for selling of 100 pieces.At the Global market Platinum fell to $1,465.50/1,485.50 an ounce from 1,517/1,537 an ounce, having hit an intraday low of $1,462.50.
"Frankly speaking, everyone seems to be abandoning everything in commodities. The uptrends are gone and what took a couple of years to move higher will just take a couple of months to return all those gains," said analyst at Phillip Futures, Adrian Koh. "But precious metals look kind of oversold at the moment, so perhaps we can hope for a slight technical bounce," he said.
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