23rd Sept 2011 Metal Meltdown 23:59
Bullion market came under selling pressure mainly because of liquidity crunch.Many investors deemed the plan insufficient and reacted by dumping stocks, commodities and other assets perceived as riskier as they dashed for cash and Treasuries. Biggest intraday fall ever. MCX Dec Silver lost 14.93% to close at 52644 from the day high of 61708 after making a low of 51352. MCX Oct Gold tumbled 5.44 % to close at 26397.
In U.S.Gold for December delivery lost $108.30, or 6.3%, to trade at $1,629 an ounce on the Comex division of the New York Mercantile Exchange.
Value buy at $1579/Oz nearly at around 25500 in INR.
A close at these levels would be gold’s lowest since early August and land gold a weekly loss of 10%.
Gold lost 3.7% in Thursday’s session, the first full trading day after the Federal Reserve announced a plan to swap $400 billion in debt to try to help the U.S. economy.
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