Gold Down .` 800; Big­gest Sin­gle-day Fall in 2014

The Economic Times - - Economy -

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.

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