Finally, gold prices have started heading south this week. Prices of yellow metal tumbled to an eight-month low of Rs 8,600 per 10 gm, a level not seen since October, 2006. Thus the metal had lost nearly 13 per cent after touching Rs 10,000 per 10 gm mark last year.
However, according to traders, consumers are expecting further fall in prices. Even stockists have stopped buying instead they are selling a part of their holdings following global meltdown.
In Delhi standard gold (99.5) prices plunged by Rs 75 per 10 gm at Rs 8,725 per 10 gm, hitting its lowest level since October 24, 2006.
In Kolkata, it edged down by Rs 50 at Rs 8,745 followed by a drop of Rs 45 at Rs 8,645 per 10 gm in Chennai. In Mumbai, the metal slumped further by Rs 40 per 10 gm to Rs 8,600, a level not seen since October 13, 2006. Pure gold (99.9) also did so and fell by a similar margin to Rs 8,650 per 10 gm.
Domestic silver also felt the heat in line with gold, supported by increased offerings from stockists.
In Chennai, spot silver (.999) crashed by Rs 195 at Rs 17,735 per kg on panic selling. In Mumbai, the metal moved down by Rs 160 to Rs 18,150 on similar reason. In Delhi and Kolkata, ready silver too lost Rs 150 each before finishing the day at Rs 18,050 and Rs 18,000 per kg respectively.
