Gold prices nosedived by Rs 410 per ten grams to close at Rs 12,600 on the bullion market here on December 2 on constant offerings by stockists due to fall in global markets. Silver prices also dropped on lack of industrial demand. Gold prices slipped in Europe extending the previous session losses, as the dollar firmed up against the euro and oil prices sank to a 3-1/2 year low, denting interest in the precious metal as an inflation hedge.
Spot gold was quoted at $766.40/768.40 an ounce down from $770.60 an ounce late in New York on Dec 1. In Singapore, the yellow metal slipped to its weakest in almost two weeks as oil extended losses and equities tumbled after a report confirmed the US economy was in third-longest recession since the Great Depression. Gold was trading at $768.10 an ounce, down $2.50 from New York''s notional close. Turning to the local market, standard gold (99.5 purity) by Rs 410 per ten grams to Rs 12,600 from Rs 13,010 yesterday. Pure gold (99.9 purity) also slipped by a similar margin to Rs 12,660 from Rs 13,070. Silver ready (.999 fineness) finished lower by Rs 650 per kilo to Rs 16,610 from Rs 17,260 yesterday.
Spot gold was quoted at $766.40/768.40 an ounce down from $770.60 an ounce late in New York on Dec 1. In Singapore, the yellow metal slipped to its weakest in almost two weeks as oil extended losses and equities tumbled after a report confirmed the US economy was in third-longest recession since the Great Depression. Gold was trading at $768.10 an ounce, down $2.50 from New York''s notional close. Turning to the local market, standard gold (99.5 purity) by Rs 410 per ten grams to Rs 12,600 from Rs 13,010 yesterday. Pure gold (99.9 purity) also slipped by a similar margin to Rs 12,660 from Rs 13,070. Silver ready (.999 fineness) finished lower by Rs 650 per kilo to Rs 16,610 from Rs 17,260 yesterday.
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