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Business News  Today's Headlines
Gold tumbles on global cues to six-month low
2008-08-08 Published by PTI Gathered by Press Trust of India

New Delhi, Aug 8 (PTI) Gold lost some of its shine as an attractive investment option in the bullion market here today with prices falling by a sharp Rs 250 to Rs 12,000 per 10 gram as the metal melted in the global markets on speculation that dollar gains might spur sales. With today´s fall gold in tune with the weak global trends has taken a hit of Rs 750 in last four trading sessions. The metal had crossed the psychological Rs 12,000-level on February 20.

Marketmen said selling pressure gathered momentum as the metal fell in London to an eight-week low on speculation that dollar gains might spur sales by stockists. The precious metal lost nearly 10 dollar to 862.50 dollar an ounce, the lowest since June 13.

They said some investors shifted funds from the bullion market to volatile equity markets for quick benefits.

Trading sentiments in silver also dampened as the metal in London fell 37 cents to 15.83 dollar an ounce, the lowest since Jan. 23.

In the domestic market here, the silver ready plunged by Rs 950 to Rs 22,797 per kg and weekly-based delivery by Rs 970 to Rs 22,425 per kg. Silver coins fell by Rs 100 to Rs 27,700 for buying and Rs 27,800 for selling of 100 pieces.

Standard gold and ornaments dropped Rs 250 at Rs 12,000 and Rs 11,850 per ten gram, respectively. Sovereign fell by Rs 125 at Rs 10,400 per piece of eight gram. (PTI)

 

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