Gold trading well below Rs 26,000 per 10 gms

Business

oi-Monika Nihalani

By Monika Nihalani

Published: Thursday, August 25, 2011, 16:47 [IST]

Gold is gradually losing its sheen among the investors in today's trade. The commodity which was trading above Rs 26,000 per 10 grams on MCX in morning, lost Rs 400 more in afternoon trade.

Just three days back, gold prices made a record high above Rs 28,000 per 10 grams and international gold prices also recorded an all-time high of US$ 1911.5 an ounce. But the demand for safe haven receded and corrected as much as 10% over the period of two days.

Spot gold in international trade slipped to $1,707 an ounce, taking losses to more than $200 since it hit a record high of $1,911.46 earlier in the week.

The most traded commodity gold for October delivery on MCX which opened at Rs 26,249 per 10 grams was trading between Rs 25,618 – Rs 25,624 per 10 grams around 4:30 pm IST.

Gold for delivery in far-month April which opened low at Rs 26,924 per 10 grams. It was trading in the range of Rs 26,410 – Rs 26,446 per 10 grams same time.

Spot gold price in domestic trade also slipped to Rs 26,025 per 10 grams.

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