New Delhi: Gold prices plummetted on the bullion market today to touch nearly five month low levels on reports of heavy selling by major market players, losing Rs120 at end Rs8,940 per 10 gram.
Marketmen said some major players off-loaded a bulk stock of gold in the domestic market, which placed the metal at a level last seen on 8 January.
They said weakening trend further gathered momentum as the market experienced panic selling from other stockists amid off marriage and festival season.
The report of a major fall in precious metals in the overseas markets last evening, which normally set price trend in domestic markets here, was another dampening factor, they added. The gold in Asia touched a five-week low level of $659 (Rs26,883) an ounce.
Standard gold and ornaments fell by another Rs120 each at Rs8,940 and Rs8,790 per 10 gram respectively. Sovereign was also down by Rs50 at Rs7,550 per piece of eight gram.
Silver ready plunged by Rs400 at Rs18,000 per kilo as stockists joined the general weak trend. Silver weekly-based delivery dropped by Rs435 at Rs18,000 per kilo on reduced offtake by stockists.
Silver coins lost Rs.100 at Rs23,900 for buying and Rs24,000 for selling of 100 pieces.