On Monday, Gold prices dropped by Rs 750 to Rs 27,600 per 10 grams to hit an over 15-month low in the national capital due to continued selling by stockists triggered by a heavy sell-off in global markets.

In fact, the precious metal, which had suffered the most ever in the previous session by losing Rs. 1,250, on Monday fell further to touch its lowest level since December 31, 2011.

Silver followed suit and submerged by Rs. 2,100 to Rs. 48,000 per kg in continuation to a drop of Rs. 2,500 on Saturday on poor off take by industrial units and coin makers.

Selling further gathered momentum as gold on the global front submerged to the lowest level since April 2011 on speculation that some central banks selling and expectations of some economic recovery. Moreover, in London, gold dropped by $ 90.70, or 6.14 per cent, to $1,386.30 an ounce while silver also fell by 10.52 per cent to $23.13 an ounce.

Furthermore, on the domestic front, weak trend at the futures market, where both the precious metals, silver and gold, hit their daily lower limits, further fuelled the downtrend.

While also in the spot market, gold of 99.9 and 99.5 per cent purity dropped by Rs. 750 each to Rs. 27,600 and Rs. 27,400 per 10 grams, respectively and even sovereigns declined by Rs. 100 to Rs. 24,700 per piece of eight grams in fact being in line with a general weak trend, silver ready dropped further by Rs. 2,100 to Rs. 48,000 per kg and weekly-based delivery by Rs. 2,880 to Rs. 45,900 per kg. As a conclusion, silver coins depresses by Rs. 3,000 to Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

Finally there is some sign of relief for the class below the rich!

(AW:Samrat Biswas)