Published On : Sun, Apr 14th, 2013
Business News | By Nagpur Today Nagpur News

Gold price falls to over 10-month low

The current fall in gold drove down the prices to a level last seen on May 30 last year as the metal tumbled in New York by USD 25.70 to USD 1559.30 an ounce on fears the US Federal Reserve might scale back stimulus.

Nagpur News: The yellow metal fell sharply by Rs.1,250 to Rs.28,350 per ten gram. Similarly, silver recorded a steep fall of Rs.2,500 to Rs.50,100 per kg New Delhi, April 13: Crash-like conditions developed on the bullion market today as gold prices recorded the biggest ever fall of ` 1,250 per ten gram to hit one-year low on frantic selling by stockists amid a steep fall in overseas markets.

Gold, which had been plummeting this week and traded below ` 30,000, fell further sharply by 1,250 to ` 28,350 per ten gram, a level last seen on April 7 last year following a steepest fall of 84 dollar to 1,477 dollar an ounce in global markets.

“Gold suffering such a biggest single day fall of ` 1,250 is never seen before and may lose more ground in coming days mostly influenced by speculative selling in futures markets,” said All India Sarafa Bazar Vice president Surender Jain. He said the market was mostly driven by global markets and futures trade, while there was hardly any physical buying