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Gold losing glitter: weakens to 6-month low

India Infoline News Service/ Mumbai 20:25 , Feb 15, 2013

99.5% purity standard gold fell by Rs.190 per 10 gm to end at Rs.30,090 from Thurday's closing of Rs. 30, 280. Pure gold of 99.9% purity fell marginally to end at Rs.30,225 from Rs.30,415. While silver ready of 0.999 fineness slumped hard by Rs. 890 to end at Rs. 57,330/kg from the previous Rs.58,220.

Gold prices tanked to 6 month low on the bullion market on account of persistent selling triggered by a fall in international markets and a strong dollar price. Silver too dropped to a month and half low and settled below Rs.58000 per kg mark on heavy speculative selling.

99.5% purity standard gold fell by Rs.190 per 10 gm to end at Rs.30,090 from Thurday's closing of Rs. 30, 280.

Pure gold of 99.9% purity fell marginally to end at Rs.30,225 from Rs.30,415. While silver ready of 0.999 fineness slumped hard by Rs. 890 to end at Rs. 57,330/kg from the previous Rs.58,220. 

Gold tanked to a 6 month low in the international market too on heavy selling amid a stronger dollar, uncertainty ahead of the G2O meeting and weak demand owing to the holiday season in China. Disappointing economic data from Euro-Zone also weighed in on the prices.

Losses in precious metals could also be attributed to a report that said finance ministers and central banks from the G20 nations would vow against an impending currency war.

 



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