Gold slumps to 11-month low on weak demand

Source: The Hitavada      Date: 27 Dec 2016 09:48:05


NEW DELHI,

Dec 26,

(PTI),

GOLD prices slumped by Rs 250 to hit over 11-month low of Rs 27,550 per 10 gram at the bullion market here on Monday due to weak demand from jewellers.
Silver also fell by Rs 210 to Rs 38,600 per kg on reduced offtake by industrial units. The Government on November 8 had scrapped old series Rs 500 and Rs 1,000 notes to flush out black money, leading to a cash crunch in the market. In the local spot market, gold of 99.9 per cent purity plunged by Rs 250 to Rs 27,550 per 10 gram a level not seen since February 4 when it had closed at Rs 27,575 per 10 gram. Gold of 99.5 per cent purity plunged by Rs 250 to Rs 27,400 per 10 grams.