Gold M December 08 contract fell by 2.26 per cent to Rs 11,501 per 10 grams, while gold guinea January 09 contract dropped by 2.48 per cent to Rs 9,306 per 8 grams.īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. On MCX, gold April 09 contract went down by 3.98 per cent to Rs 11,841 per 10 grams last week. Last Thursday, a series of interest rate cuts in Europe provided a temporary fillip to stock markets, but gains could not be sustained for long. In London, gold slumped $6 to close at $735.25 an ounce (oz) as the dollar gained against the euro, the largest-traded European currency on discouraging US non-farm payroll data. Pure gold followed suit and closed Rs 60 lower at Rs 11,770 per 10 grams. Moving in a close range of Rs 150, standard gold fell by Rs 50 in the Mumbai spot market to close the week at Rs 11,715 per 10 grams on Friday. Manglik believes that if the current trend continues, investment in commodities may fall further, thereby pulling down gold prices by 5-8 per cent in the next two to three months. “Now, investors are unwilling to allocate fresh funds anywhere, be it equity, housing or commodities,” said Jayant Manglik, head (commodities), Religare Commodities. Global investors have changed their strategy towards gold unlike the one they had opted for in the previous economic recessions, when the yellow metal was considered to be the only remunerative investment avenue.
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