16.4.13

Gold melts


Gold prices continued to be bearish on Monday after the bloodbath on Friday.
Gold tumbled below $1,400 per troy ounce level during the intra-day trade on Monday, losing more than $90 from the previous day’s close. In the Indian spot market, it lost Rs.1,150 per 10 gm and in the MCX, it fell by Rs.1,675 per 10 gm.
In the international market, gold opened at $1,482 per troy ounce on Monday, fell to a low of $1,385 and was trading around $1,420 level at around 6.30 pm IST.
Silver was down around 10 per cent as it dipped to $23 per troy ounce and then recovered to $24.16.
Gold had entered the bear market on Friday after losing 23 per cent from its record peak of $1,920 in September 2011.
On Friday, international spot price hit a low of $1,477, down 5.3 per cent.
Last week, it witnessed a decline of more than 6 per cent, one of its biggest weekly drop since December
2011.
The MCX on Monday saw prices tumbling to a low of Rs 26,250 per 10 gm against the previous day’s close of Rs 27,925. It later recovered to Rs 26,600. The gold June futures on MCX were quoting at Rs 26,083 per 10 gm at 8.30 pm.

No comments: