Gold breaches below Rs 9,000 barrier first time

New Delhi, Sep 13: Keeping pace with the overseas advices and fall in crude prices, Gold prices crashed by Rs 215 breaching the Rs 9,000 per 10 gm barrier for the first time after June 29, 2006, at the local bullion market today.

Gold standard declined to Rs 8,910 per ten gms as prices in the overseas markets also plummeted from 596 dollars the previous day to 582 dollars per troy ounce.

Silver ready also crashed by Rs 600 per kg before settling at Rs 17,300 per kg.

Demand for the yellow metal has been slow due to ongoing fortnight-long Pitrpaksh which is considered an inauspicious period for buying precious metals. Many people were placing orders following low prices for delivery after the Pitrpaksh period which would end on September 23.

UNI