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Gold crashes on weak global cues

Gold crashes on weak global cues
PTI
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First Published: Tue, Jan 13 2009. 05 15 PM IST
Updated: Tue, Jan 13 2009. 05 15 PM IST
New Delhi: Gold prices crashed to lose Rs350 at Rs13,150 per 10 gram in the national capital on Tuesday on hectic selling by stockists sparked by a weak global trend and drying up of retail buying.
Silver also tumbled by Rs570 to Rs17,920 per kg.
The metal suffered heavy losses after its prices dropped in London for the third straight day as the dollar strengthened against the euro and oil prices slipped, reducing the metals appeal as an alternative investment and hedge against inflation.
Restricted buying by retail customers added to the downfall as buying for “Makarsakranti” is almost over amid off marriage season, traders said.
They said the metal in overseas markets, which normally set price trend here recorded a hefty loss of 37.70 dollar an ounce at 815.20 dollar as euro fell against the dollar on speculation that the European Central Bank will cut interest rates.
Oil extended last week’s 12% drop on concern that output cuts by OPEC would fail to counter lower demand and reduced concerns of inflation, they added.
The weakening trend extended to silver after the metal for ready delivery tumbled by Rs570 at Rs17,920 per kg and weekly-based delivery by Rs600 at Rs17,760 per kg. Silver coins dropped by Rs200 at Rs26,300 for buying and Rs26,900 for selling of 100 pieces.
Standard gold and ornaments plunged by Rs350 each at Rs13,150 and Rs13,000 per 10 gram, respectively. Sovereign lost Rs100 at Rs10,600 per piece of eight gram.
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First Published: Tue, Jan 13 2009. 05 15 PM IST
More Topics: Gold | Bullion | Commodity | India | Money Matters |