Gold nosedives by Rs 410 per ten grams on lower global cues
Thursday, 4 December 2008
MUMBAI, Dec 3 (PTI): Gold prices fell sharply by Rs 410 per ten grams to close at Rs 12,600 on the bullion market here yesterday on persistent offerings by stockists triggered by fall in global markets.
Silver prices also dropped on lack of industrial demand. Gold prices slipped in Europe extending the previous session losses, as the dollar firmed up against the euro and oil prices sank to a 3-1/2 year low, denting interest in the precious metal as an inflation hedge.
Spot gold was quoted at USD 766.40/768.40 an ounce down from USD 770.60 an ounce late in New York on Monday.
In Singapore, the yellow metal slipped to its weakest in almost two weeks as oil extended losses and equities tumbled after a report confirmed the US economy was in third-longest recession since the Great Depression.
Silver prices also dropped on lack of industrial demand. Gold prices slipped in Europe extending the previous session losses, as the dollar firmed up against the euro and oil prices sank to a 3-1/2 year low, denting interest in the precious metal as an inflation hedge.
Spot gold was quoted at USD 766.40/768.40 an ounce down from USD 770.60 an ounce late in New York on Monday.
In Singapore, the yellow metal slipped to its weakest in almost two weeks as oil extended losses and equities tumbled after a report confirmed the US economy was in third-longest recession since the Great Depression.