Gold plunges over 2% on weak global trend

Gold plunges over 2% on weak global trend
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First Published: Mon, Apr 06 2009. 02 54 PM IST
Updated: Mon, Apr 06 2009. 02 54 PM IST
New Delhi: Gold prices tumbled by over two per cent in futures trade on Monday, on traders off-loaded part of their holdings influenced by a weakening 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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First Published: Mon, Apr 06 2009. 02 54 PM IST
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