Gold price slumps to 15-month low

The price of gold slumped to Rs.27,600 per 10 gram Monday, the lowest in more than 15 months due to weakness in global markets on expectations of recovery in the world economy.

The price of the yellow metal has slumped by nearly 20 percent since hitting a high of Rs.32,464 per 10 gram in November last year. The price had slumped by Rs.1,250 per 10 gram in the previous trading session.

In the global market, gold price fell below USD 1,400 an ounce for the first time in 15 months. Gold price fell to USD 1,386.30 an ounce in the London commodity market.

The price of the precious metal had hit a high of USD 1,900 an ounce last year.

Silver price dropped by Rs.2,100 to Rs.48,000 per kilogram. The price had plunged by Rs.2,500 Saturday.