The Hindu : Gold at 8-month low

Online edition of India's National Newspaper
Saturday, Jun 28, 2003

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Gold at 8-month low

MUMBAI JUNE 27. Gold prices fell sharply by Rs. 55 per ten grams to close at an 8-month low of Rs. 5,300 due to heavy stockists' selling after a steep fall in the overseas prices.

Silver, however, declined moderately on poor industrial offtake.

Standard gold (99.5 purity) opened on a weak note at Rs. 5,320 and fell further sharply to end at Rs. 5,300, showing a steep setback of Rs. 55 over yesterday's close of Rs. 5,355.

Similarly, pure gold (99.9 purity), after a subdued start at Rs. 5,350, continued to fall on increased offering and closed at Rs. 5,330, also showing a sharp fall of Rs. 55 over the last close of Rs. 5,385.

In Hong Kong, the yellow metal closed sharply weak at $343.20-343.70 per ounce as against the previous close of $347.10-347.60 on selling pressure in line with a steep fall in New York prices, where the Comex August gold dropped by $5.40 per ounce on Thursday to end at $344.20, a level not seen since May 7 due to long liquidation and short selling, dealers said. — PTI

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