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Message: Gold nosedives by Rs 440 per 10 gms

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Gold nosedives by Rs 440 per 10 gms

posted on Apr 01, 08 07:03AM

MUMBAI: Gold prices ended sharply lower by Rs 440 per ten grams to Rs 11,685 on the bullion market on lack of demand at higher levels alongwith fresh stockists offerings on the back of lower overseas advices.

Silver also declined sharply in line with gold prices. Gold prices in Hong Kong ended lower at USD 895.80/896.50 per ounce as against USD 936.50/937.20 per ounce previously and in London, it was also fixed lower in the morning at USD 897.00 per ounce as against USD 933.50 per ounce previously.

The metal is down 11 per cent from a record USD 1,032.70 on March 17 in Asia, and fell 1.5 per cent yesterday as drop of more than USD 4 a barrel in crude oil and a broad decline in commodities prices reduced gold's appeal as hedge against inflation.

Gold demand in the January-March quarter may have declined from a year earlier, the producer-funded World Gold Council said on March 11. Demand dropped 17 per cent in the fourth quarter as high prices deterred buyers, the council said.

In New York, gold and other precious metals finished weaker on Monday in response to a slide in crude oil and other commodities, as well as end-of-quarter long liquidation.

June gold fell by USD 15 to USD 921.50 an ounce on the Comex division of the New York Mercantile Exchange. May silver fell by 63 cents to USD 17.31.

Turning to the local market, standard gold (99.5 purity) dropped by Rs 440 per ten grams to Rs 11,685 from the previous closing level of Rs 12,125 and pure gold (99.9 purity) also fell to Rs 11,750 from Rs 12,185.

Silver ready (.999 fineness) slipped by Rs 985 per kilo to end at Rs 22,640 as against Rs 23,625 previously.

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