Symbol: GOLD| Contract: Oct, 2014| Category: Bullion
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Gold's Latest News
Continuing its slide for the sixth straight day, gold prices plunged by Rs 220 to trade at a three-week low of Rs 28,280 per 10 grams in the national capital on Thursday due to increased selling by stockists amid a weakening global trend.
Finance Secretary Arvind Mayaram on Thursday said there was no need to review a rule imposed last year mandating exports of a fifth of all gold imports into the country.
The sustained weakness in oil and gold prices is likely to draw funds towards emerging markets and India may be the largest beneficiary.
Spot gold fell 0.2 per cent to $1,289.66 an ounce by 0020 GMT, after hitting a two-week low of $1,287.83 in the previous session. US gold was down about $4 to $1,290.80.
Gold, which saw a dramatic reversal last year after a 12-year bull run took prices to record highs in 2011, has seen the spread between its daily price highs and lows narrow to just $15 an ounce this year on average, from nearly $25 in 2013.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
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