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04-05-2012, 11:22 PM #1
Gold, silver prices drop further on global cues
Both gold and silver tumbled in futures trading on Wednesday as speculators offloaded their positions, driven by a sharp fall in global markets.
Marketmen said trading sentiment dampened after gold dropped to 12-week low in New York as the dollar strengthened on signs that the Federal Reserve may refrain from providing more monetary stimulus for the US.
They said the sentiment further turned bearish on weak demand in domestic markets following a longest nationwide strike in India by jewellers and bullion merchants, protesting a recent tax hike.
At the Multi Commodity Exchange, gold for delivery in June fell by Rs 442, or 1.45 per cent, to Rs 28,033 per 10 grams, with a business turnover of 30,077 lots. The metal for delivery in April lost Rs 337, or 1.21 per cent, to Rs 27,580 per 10 grams, with an open interest of 822 lots.
The silver prices for delivery in May lost Rs 1,705, or 2.96 per cent, to Rs 55,862 per kg, with a trading volume of 61,331 lots. The white metal for July delivery fell by Rs 1,604, or 2.71 per cent, to Rs 57,105 per kg, with an open interest of 2,360 lots.
In New York, gold lost 2.6 per cent to USD 1,628.10 an ounce, lowest level since January 10, and silver shed 4.1 per cent to USD 31.90 an ounce, its lowest since March 14....being a human...