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Gold drops to Rs.25,800 per 10 grams

Fri, Nov 07, 2014, 05:29 PM
New Delhi, Nov 7: Riding on the back of an improving global economy, gold prices dropped to Rs.25,800 per 10 grams in the national capital Friday.

"In the global market, in US dollar terms gold price is at four-year low and in India in rupee terms it is at 15-month low," Bachhraj Bamalwa, founder partner, Nemichand Bamalwa told IANS.

"The main reasons behind this drop in gold prices is the improving global economy. The US has stopped quantitative easing. After 2008, this year is seen as the brightest year in the global economy. Even global jobs data are showing much better indications. Hence people feel they can invest in riskier assets (like equity markets) and the return from it will be more than gold," he added.

Silver was trading at Rs.34,900 per kilogram Friday here.
Agency: IANS

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