Gold prices plunge due to overselling

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…Suresh Hundia, President-Emeritus, Bombay Bullion Association (BBA), said: “It is a huge fall in price and it follows global developments. There has been overall selling globally by banks and exchange traded funds (ETFs). This is largely because of the optimistic news and data trickling in about an improvement in the U.S. economy.”

“Internationally, investors have been pulling out of gold and opting for property, equity and fixed deposits where the interest rates have improved. In India, over the next few weeks, the price could dip to even as low as Rs. 27,000 per 10 gram levels by month-end,” Mr. Hundia said. The support in the global market for gold seems to have vanished, C.P. Krishnan, Wholetime Director, Geojit Commtrade, a commodity trading outfit, told The Hindu .

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