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Gold struggles to shine as year ends; tanks below Rs 25K

GOLED

Mumbai :Gold took a severe beating at the domestic bullion hub, plunging below the psychological Rs 25,000 barrier on heavy stockists unwinding to script its painful downward spiral for the third successive year.

The yellow metal embarked on yet another roller coaster ride throughout the year, which was even more challenging for commodity markets worldwide.

The precious metal turned out to be a big wealth destroyer this year.

Gold has lost over Rs 1,740 per ten grams or 6.51 per cent of its value this year alone.

Elsewhere, silver maintained its downfall for the fifth straight session due to sustained selling as well as lower industrial offtake.

Standard gold (99.5 purity) slumped by Rs 175 per 10 grams to end at Rs 24,980, compared to Wednesday’s closing level of Rs 25,155.

Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 25,130 per 10 grams from Rs 25,305 earlier.

Silver (.999 fineness) moved down by Rs 95 to settle at Rs 33,565 per kg as against Rs 33,660 overnight.

Year-on-year, standard gold plunged by a whopping 6.51 per cent followed by pure gold with 6.48 per cent and silver 9.78 per cent.

PTI

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