Gold prices see largest single day fall
GK NEWS NETWORK
Srinagar, Jan 5: A day after the gold prices flung to Rs. 21,000 per ten grams in the bullion market, the gold and silver today fell to record lows.
According to reports silver fell by Rs 1,440 to Rs. 45,400 per kg and gold slumped by Rs 320 to Rs 20,680 per 10 grams due to global cues.
According to reports selling pressure sparked due to the slump in gold prices overseas.
Pertinently, on emergence of buying by retail customers for the current marriage season gold had gained yesterday by Rs. 20 to trade at Rs. 21,000 per ten grams.
Today the gold in overseas markets recorded a biggest single day fall of $33.30 to $1381.30 an ounce and silver fell from 30-year high levels by losing 2.84 per cent to $29.80 an ounce.
Pertinently, the bullion market in Srinagar is not seeing much activity currently. “Since there is no marriage season right now, and therefore there is very little demand,” said Muhammad Subhan from Shahr-e-Khas, a jeweller.
Lastupdate on : Wed, 5 Jan 2011 21:30:00 Makkah time
Lastupdate on : Wed, 5 Jan 2011 18:30:00 GMT
Lastupdate on : Thu, 6 Jan 2011 00:00:00 IST
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