Web Analytics Business News This Week Gold Price Plunges to 31 Months Low | Business News This Week

May 21, 2013

Gold Price Plunges to 31 Months Low

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gold price in India
The gold price tumbled tumble to 31 month low on Monday, the first day of the week, due heavy selling by the stockists. The weak cues from the foreign market had hit hard on the sentiments of the investors those were anticipating a gain from the safe investment yellow metal – gold.

The equity market in India has been signing and the investors have been confident getting around five to six per cent guaranteed income from their investments in the stock market. But when it comes to investing in the gold, rattled investors due the fluctuation in the price have been keeping looking other safe alternative portfolios instead of the gold.

In India the gold price was at Rs 26,370 per 10 grams on Monday and sliver was also being sold at price of Rs 42,170 per kg. The gold and silver prices were declined by Rs330 and aRs1530 respectively. Recently, the people of India had purchased good ornaments and gold coins on the occasion of Akshya Tritia on May 13, 2013. The day is being considered favourable to purchase good, which would bring fortune to them.

At the end of 2013 and beginning of 2013, the gold was traded at highest prices and was considered as safest investment. But the mid of 2013 has brought the gold to 31 months low prices and the further weak signal from the foreign markets could plunge it further to a new low level.

Considering possibility of further slip in the gold prices, traders and investors have been waiting a good call to purchase and hoard the gold for future trading.

Updated News:
On Tuesday, the gold price recovered from the steep fall recorded on Monday, the gold price went up by Rs.Rs 680 to Rs 27,050 per ten grams in the bullion market.


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