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Correction pulls down gold prices

Gold prices for almost high for a week has come under correction in domestic markets

25 Jun 2008

Gold prices for almost high for a week has come under correction in domestic markets. The market has seen a major fall with a gap of 15 days.

The metal suffered a huge loss on June 10. On Tuesday, the price dropped by Rs 220 before touching Rs 12,510 per 10 gm in Delhi.

In Chennai the metal fell to Rs 12,385 per 10 gm, it traded Rs 175 lower at Rs 12,570 per 10 gm in Kolkata. Mumbai, the major gold market in India. The yellow metal saw a decline as stockiest sold a part of their holdings after a 3% fall in New York price on Monday.

Standard gold (99.5) down by Rs 190 at Rs 12,360 per 10 gm, while pure gold (99.9) slumped by Rs 189 before finishing the business at Rs 12,421 per 10 gm.

However, the falling prices would attract physical buyers as they are expecting further fall in prices



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