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| | Gold plunges to 2-month low on heavy selling | | | Press Trust of India / Mumbai September 08, 2006 | | | |
Gold prices today plunged by Rs 270 and ended at two months low of Rs 9225 on the bullion market here today due to heavy selloff following steep fall in the international prices.
Silver also suffered heavily in line with gold.
Standard gold (99.5 purity) opened sharply weak at Rs 9300 and continued to nosedive following heavy selling by stockists and closed at Rs 9225, a level not seen after July 3 and suffered a heavy setback of Rs 270 over yesterday's close of Rs 9495. Pure gold (99.9 purity) also fell similarly to Rs 9275 from Rs 9545 yesterday.
"Today's steep fall in gold in the domestic market was expected after yesterday's sharp fall in the global prices as stockists who had accumulated stocks at the prevaling prices cannot afford to hold their stocks and the only option was to offload major chunk of the current stocks", a bullion dealer said.
Ready silver (.999 fineness), after a sharply lower start at Rs 19,805, fell further to end at Rs 19,595, showing a notable fall of Rs 435 over Rs 20,030 yesterday.
However, prices were expected to revive soon in view of the increasing festive demand, another dealer said.
In Hong Kong, gold fell steeply to end at $614.50-615.30 per ounce from $628.50-629.30 and in London, it was quoted sharply lower at $611.50 per ounce.
In London, silver fell to $12.29 per ounce from the previous level of $13.06. | | | | | |
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