Gold loses its glitter as prices fall below 25k mark
Gold Prices fall to four year low amidst rapid selling of the glittering metal
Gold prices on Wednesday fell below the psychological Rs 25,000 mark — the lowest it has gone in four-years at the domestic bullion hub in Mumbai on the back of heavy unwinding by stockists and speculators.
The slide, mainly attributed to global spill-over where the broad-based commodities bore the brunt of investors’ panic selling recently amid a flash-crash worldwide.
“Speculators and investors are taking out profits fearing the yellow-metal may fall further as overseas traders are bearish on gold at this juncture and cashing out their long positions,” a bullion trader commented.
Standard gold (99.5 purity) fell by Rs 250 to Rs 24,870 per 10 gm compared to Tuesday’s closing level of Rs 25,120.
Pure gold (99.9 purity) also slumped by a similar margin to Rs 25,020 per 10 grams as against Rs 25,270.On the global front, the shiny-metal remained under intense selling pressure on funds unwinding despite a weaker dollar.