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