Gold plunges over 2% on weak global trend

The gold for the August-month contract lost 2.02% to Rs14,185 per 10 gram on the Multi Commodity Exchange in a trading volume of 334 lots.

For the June contract, the precious metal fell by 1.96% to Rs14,192 per 10 gram, clocking 6,981 lots.

Marketmen said following a steep fall in the gold prices in overseas markets as rising equity markets eroded demand for the metal as alternate investment, the domestic market came under pressure.

They said the gold in the Asian region fell to its lowest level since 23 January, sliding 2.1% to $874.08 an ounce. In the last three days, the metal in international markets has tumbled 5.1%.

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