Mumbai: Snapping its winning run, gold plunged by Rs 115 to Rs 25,860 per 10 grams at the bullion market today on reduced offtake from stockists and investors amid subdued local buying interest. Elsewhere, silver also dropped following hectic speculative selling and lower industrial demand.
Standard gold (99.5 purity) slid by Rs 115 to finish at Rs 25,860 per 10 grams from yesterday's closing level of Rs 25,975. Pure gold (99.9 purity) also fell to end at Rs 26,010 per 10 grams as compared to Rs 26,125 earlier. Silver (.999 fineness) also dipped by Rs 540 per kg to finish at Rs 33,925 from Rs 34,465 yesterday.
Globally, gold rose after dropping for four of the past five sessions, as falling equity markets underpinned demand for assets perceived as safer. Spot gold rose 0.4 per cent to USD 1,081.83 an ounce in early trade, while US gold futures gained 0.7 per cent to USD 1,081.50. Spot gold was down nearly 2 per cent for the week, the biggest weekly loss since Nov 6. Silver was down 0.4 per cent at USD 13.78 an ounce.
