vishnuvega
25-07-2008, 09:20 AM
Gold users have reasons to cheer, literally. The price of yellow metal recorded another big fall in the domestic markets on Thursday on the back of lower crude price and stronger dollar. In Mumbai, the major hub of gold in India, standard and pure gold slumped by Rs 165 each before finishing the business at Rs 12,630 and Rs 12,695 per 10 gm, respectively.
Thus the metal (99.5) had lost nearly Rs 1,000 from its life-time high of Rs 13,680 per 10 gm on July 15.
However, lower prices failed to pick up demand for gold jewellery. In fact, there was hardly any enquiries from physical buyers as they were anticipating further fall in gold prices, a bullion merchant said in Mumbai. Stockists, on the other, refrained from purchase due to lean season, he added.
Thus the metal (99.5) had lost nearly Rs 1,000 from its life-time high of Rs 13,680 per 10 gm on July 15.
However, lower prices failed to pick up demand for gold jewellery. In fact, there was hardly any enquiries from physical buyers as they were anticipating further fall in gold prices, a bullion merchant said in Mumbai. Stockists, on the other, refrained from purchase due to lean season, he added.