September 26: The lensman`s view
September 26: The lensman`s view
Gold and silver bars are pictured at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna.
Gold demand in India, the world's top buyer, was weak on Monday as a period considered inauspicious sidelined buyers despite prices falling to lows not seen in seven weeks and even sharper falls on global markets, bank dealers and jewellers said.
The most-active gold contract for October delivery on the Multi Commodity Exchange (MCX) was trading 3.22% lower at Rs 25,857 per 10 grams, after hitting an intra-day level of Rs 24,992, the lowest since Aug. 8.
"In the morning there was some demand. Traders were buying at around $1,560 per ounce, but now demand is negligible," said a dealer with a Mumbai-based private bank dealing in the bullion. "Prices are too volatile."
An investor walks past electronic screens showing stock information at a brokerage house in Wuhan, Hubei province
World stocks came off their lows and the euro inched up from an earlier 10-year trough against the yen on Monday as speculation that the European Central Bank might cut interest rates to help the economy countered concern over the eurozone debt crisis.
Concerns about the global economic slowdown have not gone away, with gold tumbling and copper suffering its biggest one-day drop since the 2008 financial crisis.
ECB Governing Council member Ewald Nowotny was quoted as saying that the possibility of interest rate cuts should not be ruled out.
Germany's Ifo economist Klaus Abberger also said he expected the ECB to cut interest rates towards 1%, although it was not clear what the time frame would be for such a move.
Speculation over eurozone easing countered investor concerns about how effective Europe's late
A New York City cab driver fills his taxi up with gas at a Hess station in New York
Oil fell to seven-week lows, around 2% down, on Monday as the eurozone crisis deepened fears of wider financial contagion and recession, encouraging investors to dump commodities and stocks in favour of safer assets.
Gold and copper both tumbled more than 5% and silver lost more than 16% at one point, while US Treasuries rose.
World stocks fell towards 14-month lows and the euro hit a 10-year low against the yen as doubts grew over how effective Europe would be in containing the continent's sovereign debt problems.
Brent futures for November fell $2.31 to a low of $101.66 a barrel, the lowest intra-day level for the front-month contract since August 9. The contract recovering some ground to trade around $102.90 by 0812 GMT. Brent plunged 7.35% last week in its biggest loss since May 6. So far in September, Brent has fallen more than 10%.
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