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Thread: Gold prices at five-week low
05-16-2012, 11:20 PM #1
Gold prices at five-week lowGold prices fell for the third straight day to trade five weeks low in the national capital on Wednesday on reduced offtake by stockists, sparked by a weakening trend in international markets.
After losing Rs. 270 in the last two sessions, the gold prices fell further by Rs. 100 to Rs. 28,440 per 10 gm on stockists selling and retailers expecting more correction in the metalís prices signalled by weak global trend.
The gold in overseas region entered a so-called bear market, dropping for a fourth day, after Greek leaders failed to form a government, increasing speculation that the country may quit the euro zone and driving the dollar to a record high.
The precious metal in Asia lost 0.7 per cent to $ 1,533 an ounce, more than 20 per cent below its all-time high last September, cheapest since December 29.
Besides, off marriage and festival season and retailers expecting more correction in futures, further dampened the trading sentiment.
In the national capital, the gold of 99.9 and 99.5 per cent purity fell by Rs. 100 to Rs. 28,440 and Rs. 28,300 per 10 gm, respectively. Sovereign lost Rs. 50 to Rs. 23,600 per piece of eight gram....being a human...