Gold prices at 11-month low
- 5 years ago
India News: Gold prices have hit an 11-month low at the Mumbai bullion market. The metal closed below Rs 29,000 per 10 gm as a sell-off gained momentum in line with global trends. The sell-off happened despite the approaching wedding season and Akshaya Tritiya when retail demand for gold peaks.
Gold finished the day Rs 500 lower at Rs 28,890 (per 10 gm). News agency reports said Thursday's holiday in the bullion market had restricted speculators from clearing their positions, so the pressure was acute Friday. The trigger was speculation that Cyprus may sell gold to finance its liquidity problems. India is the world's largest buyer of gold, but even in the futures market the trend is on the downswing.
Gold finished the day Rs 500 lower at Rs 28,890 (per 10 gm). News agency reports said Thursday's holiday in the bullion market had restricted speculators from clearing their positions, so the pressure was acute Friday. The trigger was speculation that Cyprus may sell gold to finance its liquidity problems. India is the world's largest buyer of gold, but even in the futures market the trend is on the downswing.