MUMBAI: Gold prices crashed to hit 11-months low and closed below the Rs 29,000 per 10 gram mark at the bullion hub on Friday.
Silver, too, slumped on aggressive speculative selloff coupled with subdued industrial offtake.
Standard gold of 99.5 per cent purity plunged by a hefty Rs 500 to finish at Rs 28,890 per 10 grams from Wednesdays closing level of Rs 29,390, Press Trust of India reported.
Pure gold of 99.9 per cent purity also tanked by a similar margin to close at Rs 29,025 per 10 grams from Rs 29,525.
Silver ready (.999 fineness) fell sharply by Rs 565 to conclude at Rs 52,495 per kg from Rs 53,060 previously.
Trading sentiments in India were hit by the precious metals sharp correction in overseas markets in the last two days, traders said.
On the global front, the yellow metal came under heavy selling pressure from exchangetraded fund following upbeat jobless claims data in Europe amid speculation that Cyprus may sell excess amount of gold to tide over its financial crisis.
Spot gold was sharply lower at $1,548.50 an ounce in early European trade and spot silver was bid weak at $27.40 an ounce. Agencies
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