Gold (22 carat) touched another low, below the Rs.20,000 mark per 8 gm (1 sovereign), on Wednesday. The yellow metal lost Rs.440 per sovereign and was sold at Rs.19680. It was sold at Rs.20120 on Tuesday.
The rate per gm on Wednesday was Rs.2,460, down by Rs.55 in comparison to the rates on Tuesday (Rs.2,515). The prices had ruled below Rs.20,000 per sovereign for about a week in May as well as June. The lowest price in recent years, Rs.19,520, was recorded on May 20. The decrease is in tandem with the trends in the international bullion market.
The strengthening of the dollar and the weakening of the rupee are among reasons behind the present fall of gold, according to market sources.