Gold falls down to 9-month low at Rs 8,520

  MUMBAI, JULY 7: Gold prices have been fallen across the board yesterday because stockists have sold a part of their holdings after a sudden fall in global prices. In European trading, gold metal came under selling pressure in early trade as the dollar rose against other major currencies. On the other hand, the metal bounced back in late buying on renewed fund buying after the US currency erased early gains.
 
 
  Gold in abroad markets, which normally set a price band in the familial market, shed $2.25 an ounce to $647.25 an ounce which increased offerings from stockists, sources in the market said.

Turning to gold, Mumbai suffered the most where standard gold (99.5) tumbled to nine-month low of Rs 8,520, down Rs 105 per 10 gm over the previous close of Rs 8,625. In Chennai, the precious metal dropped Rs 90 per 10 gm at Rs 8,575 followed by a fresh loss of Rs 85 at Rs 8,665 in Delhi. In London spot gold after touching an inter-day low of $645 an ounce, the lowest since June 28, bounced back to $652.30/653, as against $649.30/$650.10 in New York on Thursday.

In silver, Chennai lost the most as ready silver (.999) slummed to Rs 16,885, down Rs 225 per kg. In Mumbai, the metal dropped Rs 205 at Rs 17,285 per kg.

In Delhi, it did so and closed Rs 130 lower at Rs 17,100 per kg. In London, silver was up 1 cent at $12.49/12.53 an ounce.
 
 


By Saniya Mehra