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Gold loses glitter, falls by Rs945

Gold loses glitter, falls by Rs945
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First Published: Tue, Aug 12 2008. 10 58 AM IST
Updated: Tue, Aug 12 2008. 10 58 AM IST
PTI
New Delhi: Gold prices plunged by Rs945 to Rs11,000 per 10 gram in early trade on heavy selling by stockists sparked by weak global cues.
The market witnessed an all-round selling immediately after the opening and gold tumbled to its weakest in almost eight months in volatile trade, losing its safe haven appeal as investors shifted some of their monetreated from record highs.
Globally, gold hit an intra-day high of $825.85 before falling to $801.90 an ounce, its lowest level since late December last year, as the euro struck a six-month low against the dollar.
The metal last evening traded at $863.50 an ounce in New York, at the time Indian bullion markets were closed for the day.
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First Published: Tue, Aug 12 2008. 10 58 AM IST
More Topics: Commodities | Gold | Bullion | Dollar | Euro |