Gold prices tumbled by Rs 100 to Rs 15,945 per ten grams in the national capital today on selling due to concerns over the IMF-approved gold sale.
Selling pressure gathered momentum after gold in the overseas markets fell below USD 1,000 an ounce following reports that the International Monetary Fund had approved bullion sale, in addition to a rebounding dollar that reduced the demand for gold.
Retailers bought for the current festival and marriage season amid heavy selling by stockists, which failed to check a fall in both the precious metals.
The IMF approved the sale of 403.3 metric tons of gold valued at about USD 13 billion to raise funds to support weaker countries. Also, the US Dollar Index gained for a second day on speculation that US policy makers might withdraw economic stimulus measures
Source:ptinews
Tuesday, September 22, 2009
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