Gold lost some of its shine on Monday as its prices plunged by Rs 380 per 10 gram with investors returning to stock markets where the
benchmark Sensex created history by zooming over 2,100 points in just a minute.
Investors shifting funds to equities saw the precious metal declining Rs 380 to Rs 14,650 per 10 gram in the national capital. Marketmen said rupee rising against the US dollar also cast a shadow on gold as an investment option.
Standard gold and ornaments plunged by Rs 380 each to Rs 14,650 and Rs 14,500 per 10 gram respectively and sovereign lost Rs 50 at Rs 12,400 per piece of eight gram.
The metal had regained the psychologically important Rs 15,000 level on May 14. Gold has been on a rising spree after stocks lost its lustre in the wake global financial meltdown.
In line with a general weakening trend, silver ready dropped by Rs 300 to Rs 22,000 per kg and weekly-based delivery by Rs 22,150 per kg respectively. Silver coins traded lower by Rs 100 to Rs 29,000 for buying and Rs 29,100 for selling of 100 pieces.
