Gold Slumps To Below Rs.28,000

New Delhi: Demonetisation and its cascading effects not spared the gold market. Price falls for the second consecutive day. Today it cracked to below Rs.28000 mark and closed at Rs.27,750. This registered a 10 month low.

Due to prevailing cash crunch, the demand for gold ornaments and jewellery shrinking continuously. Traders opine that sentiment for gold was downbeat almost in synchronisation with a weak global trend.

Similarly, due to poor off-take by coin makers and industrial units, silver too registered a dip below Rs.40,000 mark and ended at Rs.39,600 per kg.