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Rediff.com  » Business » Gold falls to 5-week low on reduced offtake

Gold falls to 5-week low on reduced offtake

Last updated on: May 16, 2012 18:37 IST

Gold falls to 5-week low on reduced offtake

     

Gold prices fell for the third straight day to trade five weeks low in the national capital on May16 on reduced offtake by stockists, sparked by a weakening trend in international markets.

After losing Rs 270 in the last two sessions, the gold prices fell further by Rs 100 to Rs 28,440 per 10 gm on stockists selling and retailers expecting more correction in the metal's prices signalled by weak global trend.

The gold in overseas region entered a so-called bear market, dropping for a fourth day, after Greek leaders failed to form a government, increasing speculation that the country may quit the euro zone and driving the dollar to a record high.



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Source: ANI