Gold loses sheen; prices drop below Rs 31,000

Business

oi-Sneha

By Sneha B K

Published: Tuesday, February 12, 2013, 14:52 [IST]

Gold dropped in today's trade tracking weak global cues as most of the global markets remained closed on account of Lunar New Year holiday.

International gold dropped to hit near two-month low. However, cheaper prices also failed to attract investors. Spot gold was seen trading at $1,643 an ounce.

Renewed worries over Europe's debt turmoil and a political corruption scandal in Spain affected gold sentiment.

Domestically, gold prices also dropped, spot gold below Rs 31,000 mark. Delhi spot gold of 99.9 and 99.5% purity was at Rs 30,790 and Rs 30,590 per 10 grams, respectively

Gold futures for April delivery was seen trading lower by Rs 61 or 20% at Rs 30,579 per 10 grams on the Multi Commodity Exchange at 2.25 pm IST.

The fall in prices will attract physical buyers of India, who are waiting for the prices to come down.

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