BackGold tumbles to 8-month low at ₹8,600
Gold tumbles to 8-month low at ₹8,600
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Mumbai: Gold prices tumbled to an eight- month low at ₹ 8,600 on the bullion market here on 13 June on lack of buying enquiries coupled with persistent stockists offerings, triggered by fall in precious metals in global markets.
Off-marriage and festival season coupled with lack of industrial demand also pulled down the precious metals.
In the London market, gold was fixed lower in the morning at $644.10 per ounce as against afternoon fixing of $647.25 an ounce on 12 June.
In New York, gold and silver prices declined following higher treasury yields and more strength in the US dollar, traders said. August gold fell by $5.90 to $653.10 an ounce on the Comex division. Comex July silver also lost 18.5 cents to $13.09.
In the local market, standard gold (99.5 purity) dropped further by ₹ 40 per ten grams to ₹ 8,600, a level not seen since 13 October 2006, from ₹ 8,640 previously. Pure gold (99.9 purity) also fell to ₹ 8,650 from ₹ 8,690 yesterday.
Silver ready (.999 fineness) moved down by ₹ 160 per kilo to ₹ 18,150 from ₹ 18,310 previously.
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