Gold prices on thursday witnessed the steepest single-day fall of Rs.1,840 per 10 gram here on frantic selloff from investors and speculators, mirroring the precious metals meltdown in global markets. Silver also tumbled in tandem with gold.
The precious metal, which was rallying in a phased manner at the domestic market after the onset of global recessionary fears, lost almost 9 per cent since three trading sessions from its Tuesday's record level of Rs.28,145 per 10 gram.
On the global front, gold came under pressure after a plunge in futures trading on the back of a strong get of U.S economic data and expectation of more Federal Reservestimulus, along with second trading margin hike by the Chicago Mercantile Exchange Group leading to hectic profit taking by investors.
Standard gold (99.5 purity) nonsedived by Rs.1,840 per 10gram to close at Rs.25,670 from Wednesday's closing of Rs.27,510. Pure gold (99.9 purity) also plummeted by Rs.1,835per 10 gram to end at Rs.25,795 against Rs.27,630.
Silver ready (.999 fineness) tanked Rs.3,785 to finish at Rs.60,545 from Rs.64,330 a kg on Wednesday.
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