Gold Prices - Biggest ever decline in prices.

by on 13/04/2013 - 12:00 pm

The gold, which had been on rolling down mode this week and traded below Rs. 30,000, fell further sharply by Rs. 1,250 to Rs. 28,350 per ten gram, a level last seen on April 7 last year.

“The gold suffering such a biggest single day fall of Rs. 1,250 is never seen before and may lose more ground in coming days mostly influenced by speculative selling in futures markets,’ said All India Sarafa Bazar vice president Surender Jain.

Market experts said despite the ongoing Navratras festival, an auspicious week in hindu mythology for purchasing precious metals, retailers remained on sidelines on expectations of more correction in the prices.

Meanwhile, gold in futures trading dipped below Rs. 28,000 on the Multi Commodity Exchange of India on Saturday as speculators remained net sellers.

Silver also recorded a steep fall of Rs. 2,500 at Rs. 50,100 per kg on falling demand among industrial units and coin makers in the face of stockists selling driven by a hefty fall of 6.54 per cent to 25.85 dollar an ounce in New York.

On the domestic front, gold of 99.9 and 99.5 per cent purity suffered a whopping loss of Rs. 1,250 each at Rs. 28,350 and Rs. 28,150 per ten grams respectively. Sovereign followed suit and lost Rs. 300 at Rs. 24,800 per piece of eight gram.

In a similar fashion, silver ready nosedived by Rs. 2,500 to Rs. 50,100 per kg and weekly-based delivery by Rs. 2,745 to Rs. 48,780 per kg. Silver coins also dropped by Rs. 2,000 to Rs. 77,000 for buying and Rs. 78,000 for selling of 100 pieces.