Gold price slumps below Rs 26,000
Hyderabad, Nov 13: Taking cues from weak overseas trend and slackening domestic demand from jewellers, gold prices slumped to Rs 25,950 per 10 gram by collapsing Rs 300 today. Prices of silver also dropped by Rs 500 to settle at Rs 34,400 per kg on reduced offtake by industrial users and coin makers. Bullion traders said that "sentiments dampened after the gold traded near 5-year low in global market even as investors sold bullion-backed funds on expectations that the US Federal Reserve will hike interest rate this year."