Gold prices plunged on Thursday as concerns about a global credit crunch flared up and increased gold sales by central banks dampened market sentiment. Broad weakness in stocks and credit markets sparked a rise in risk aversion, and led investors to move into safer assets.
International spot gold last traded at $667.20 a troy ounce, down by $7.
Gold for December delivery was quoted down by $6.80 at $679.50 an ounce on the New York Mercantile Exchange.
MCX gold October contract opened at Rs 8921, moved in the range of Rs 8923 – Rs 8859 and was last quoted at Rs 8866, down by Rs 66 or 0.74% at 16:37 IST.
