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Gold rate hits historic dip
Posted on: 21/Jul/2015 4:46:32 PM
Gold rate hit a historic low reduced by Rs 150 unlike the past four years. Third consecutive reduction in rates of gold and the yellow metal is priced Rs 25,550 per 10 grams in the bullion market on Tuesday. The reduction in rates was also due to the absence of seasonal buying of jewelers.
On the other hand, rates of silver are grown up with new demands emerging from consumer industries and got hiked by Rs 100 to Rs 34,300 per kg. According to bullion traders, global sell-off of gold in and strengthening of dollar with increased interest rates have created a negative impact for the precious metal which has brought it to a four-year low now in the national capital.
The borrowing cost this year will be surged by the Federal Reserve as there is an improvement in the US economy which will strengthen the dollar and leave gold rate eroded. They add that the lesser demand with jewelers have further paved way for prices to dip, dampening the trending sentiments.
In general, the price in New York determines the price of gold in the domestic front. This rate fell by 3.14 per cent and touched $1,097.70 an ounce in Monday`s trade.
Gold with 99.9 and 99.5 per cent purity in the national capital got reduced by Rs 150 each and met Rs 25,550 and Rs 25,400 for 10 grams respectively. This is the weakest since 8th of August 2011. In the past three days, there is a Rs 700 reduction in price of the metal.
According to bullion traders, the rates will further get reduced and reach up to Rs 24,000. For eight grams of gold, the price of sovereign fell by Rs 200 and was priced Rs 22,500. There is however a recovery will silver rate which has attained Rs 34,300 per kg.
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