Gold Down .` 800; Biggest Single-day Fall in 2014
Gold prices on Thursday plummeted by up to .` 800, the biggest fall in a day this year, to 10month low levels in major bullion markets of the country after RBI eased import restrictions on the precious metal. In Delhi, gold prices plunged by .` 800 to .` 28,550 per 10 gram, the lowest level since August last year. In Mumbai, the price fell below the 28,000 mark dropping by .` 780 to .` 27,840 per 10 gram. The precious metal dropped by .` 800 to .` 28,310 per 10 gram in Chennai, while it lost .` 605 to trade at .` 28,340 per 10 gram in Kolkata. Traders attributed the sharp fall in gold prices to RBI’s decision to ease import restriction on the metal which triggered heavy sell-off by stockists. RBI allowed select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. RBI, in July last year, had imposed severe restrictions on gold imports in order to check burgeoning current account deficit and sliding rupee.