Gold prices plunged in the national capital on Thursday on fresh selling by investors and funds shifting to surging global equities, reports Economic Times.
The metal in overseas markets dropped to USD 877.50 an ounce from previous levels of USD 889.80, owing to a rally in equities which eroded the appeal of gold as an alternative investment. The stock markets across the globe remained in better form on expectations of an early rebound in economic slowdown after the leaders of G-20 decided more stimulus packs.
The strong Indian rupee against the US currency also made the dollar-priced gold cheaper.
In local market, Standard gold and ornaments dropped by Rs 350 each to Rs 14,385 and Rs 14,270 per 10 gram, respectively. Sovereign also fell by Rs 100 to Rs 12,200 per piece of eight gram.
Tracking gold path, Silver ready plunged by Rs 230 to Rs 20,700 per kg and weekly-based delivery by Rs 270 to Rs 20,400 per kg. Silver coins declined by Rs 100 to Rs 27,700 for buying and Rs 27,800 for selling of 100 pieces.
