Indian spot gold closes 2 pct lower, tracking global markets |
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Mon, 12 Nov 2007 14:20
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MUMBAI (Thomson Financial) - Indian spot gold prices closed 2 pct lower today, tracking a correction in the overseas markets and as domestic buyers awaited another fall in prices ahead of Labh Pancham, part of the Diwali festival, on Wednesday.In London, gold fell almost 2 pct as the dollar recovered from record lows last week and as traders took profits and cashed in on a recent rally which had taken the yellow metal up to a series of 28-year highs in recent weeks.'In spite of the correction in the prices, buyers both at retail and wholesale level are expecting further falls in prices to make fresh purchases ahead of the Labh Pancham,' said Pravin Mehta, vice president of Madras Diamond Merchants and Jewellers Association.They are waiting for prices to fall to 750-760 usd an ounce, Mehta added.Buying of gold this Diwali was crimped by high prices.Mumbai gold of 0.995 and 0.999 purity fell 215 rupees to close at 10,410 per 10 grams and 10,460 per 10 grams, respectively. Silver of 0.999 purity closed lower by 335 rupees at 19,890 per kilogram.tfn.newsdesk@thomson.comsim/ssa/cmrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Indian spot gold ends above 10,000 mark on global cues 