GOLD EX­TENDS LOSSES, HITS 20-MONTH LOW; SIL­VER DIPS TOO

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE -

MUM­BAI: Gold prices con­tin­ued their south­ward jour­ney, hit­ting nearly 20-month low at the bul­lion mar­ket in Mum­bai on Wed­nes­day on steady sell­ing by stock­ists and in­vestors de­spite pos­i­tive global cues.

Sil­ver also re­flected the weak sen­ti­ment and plunged be­low the Rs46,000 per kg mark on spec­u­la­tive sell­ing pres­sure.

Stan­dard gold of 99.5% pu­rity de­clined by Rs220 to end at Rs25,680 per 10 gm from Tues­day's clos­ing level of Rs25,900.

Pure gold of 99.9% pu­rity also fell by a sim­i­lar mar­gin to close at Rs25,820 per 10 grams from Rs26,040 pre­vi­ously.

Sil­ver ready (.999 fine­ness) dipped by Rs875 to fin­ish at Rs45,485 per kg from Rs46,360 yes­ter­day.

“Overseas con­cerns con­tinue to linger over the yel­low metal here though good de­mand is ex­pected due to fall­ing prices and mar­riage sea­son,” a dealer from the city said.

On the global front, gold rose on higher phys­i­cal buy­ing in Asia, but in­vestors were still ner­vous shaken by the re­cent heavy losses due to spec­u­la­tion that Cyprus’ plan to sell bul­lion re­serves to raise cash may be fol­lowed by other debt-rid­den euro zone na­tions.

>> GOLD LOSES GLIT­TER, P10

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.