Symbol: GOLD| Contract: Dec, 2015| Category: Bullion
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Gold's Latest News
The Finance Ministry will hold a review meeting with banks and RBI representatives on Tuesday to assess the gold monetisation scheme, which has seen a "slow response" since the launch earlier this month, so as to make it more attractive.
Gold extended its slide for the second straight day as prices tumbled by Rs 195 to Rs 25,615 per 10 grams at the bullion market on Saturday, taking weak cues from the global market and easing demand from jewellers.
The gold bond scheme has evoked "excellent response" with the government receiving 63,000 applications for purchase of bonds worth Rs 246 crore in the first tranche, a top official said.
Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a U.S. interest rate hike next month.
Investors continue to pull out money from gold exchange-traded funds (ETFs), but the pace of outflow has slowed down in the current fiscal on account of sluggish equity market trends.
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