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Gold plunges to over 3-year low

Wed, Nov 05, 2014, 04:36 PM
New Delhi, Nov 3: Gold prices Wednesday plunged by Rs 450 to trade at over three-year low of Rs 25,900 per 10 grams in New Delhi as the dollar’s strength hurt the demand for the precious metal.

Besides, low demand from retailers and jewellers, who preferred to stay away from buying the metal on hopes of further dip in prices and also diversion of funds towards the equity markets, weighed on gold prices.

Silver followed suit. It fell Rs 900 to Rs 35,050 per kg on poor offtake by coin makers and industrial units.

A weakening trend in global marketsput pressure on the precious metal, said bullion traders.
Agency: Ap7am Desk

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