The Indian gold market is feeling the heat of the global price crash. Gold prices have tumbled Rs 115 per 10 grams to Rs 5,185 since the past weekend.
Gold prices hit a two-and-a-half year high of $330.30 an ounce last month on the London Comex.
However, prices came down to $310.60 a troy ounce yesterday, the weakest since May 17, because of a firm dollar and bullish European stocks. Though prices have gone up marginally to $311.05 an ounce today, analysts say the movement will be restricted between $305 and $315 an ounce in the near future.
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