The domestic gold market today dipped to its three-month low to close at Rs 5340 per 10 gram of standard gold following similar decline in overseas markets on Thursday.
Gold declined despite fears of US attacking Iraq and the fact that exchanges in US imposed double the margins on naked short sale position in January.
Battered gold prices tried to fnd a footing in Europe on Friday after a dramatic fund-driven tumble to three-month lows on Thursday wiped $15 off prices. Gold is now more than $50 adrift of its 6-1/2-year high of $388.50 scored just over one month ago.
Spot gold limped back up to $334.00/334.75 an ounce at 0936 GMT, up from a low scored in Asian trading of $331.50, but still down on New York
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