Gold prices on Friday plunged by Rs Rs 80 after a four-day rally to close at Rs 12,900 per ten gram here on offloading by traders who found it an opportunity to encash the gains amid weakening international markets.
The precious metal, which recorded a rise of Rs 730 in last four sessions gathered momentum after the precious metal declined in Asia with the US Senate rejecting the bailout plan for automakers, raising concern a deepening global recession prompting investors to sell assets. A slump in crude oil prices also weighed on gold prices today. Oil for January delivery fell 5.9 per cent on concerns of a prolonged recession will reduce fuel demand. Standard gold and ornaments fell by Rs 80 each to Rs 12,900 and Rs 12,750 per ten gram respectively. Sovereign, however, held unchanged at Rs 10,500 per piece of eight gram. In Singapore, gold fell 0.8 per cent to 814.48 dollar an ounce, following a four-day advance. Silver was down 1.7 per cent at 10.175 dollar an ounce. Silver ready fell by Rs 200 at Rs 16,900 per kg and weekly-based delivery by a same margin at Rs 17,080 per kg. Silver coins also rose by Rs 100 to Rs 26,400 for buying and Rs 26,500 for 100 pieces. http://economictimes.indiatimes.com/Gold_losses_shine_global_cues_weigh/articleshow/3828799.cms?from_et_daily_newsltr=1 I keep six honest serving-men (They taught me all I knew); Their names are What, Why, When, How, Where and Who. -- Rudyard Kipling --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
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