Gold prices on a crash course
The gold price bubble seems to have burst, finally. Prices have declined more than four per cent in the international market since yesterday evening. In India, gold and silver prices fell 3.5 per cent today. And, most analysts say the downtrend would continue.
In Mumbai’s Zaveri Bazar, gold is trading at a 13-month low, while silver is at a 16-month low. Today, gold lost Rs 1,010 to close at Rs 27,880 per 10g and silver closed Rs 1,890 lower at Rs 50,605 per kg. In the New Delhi market, gold fell by Rs 1,250 to close at Rs 28,350 per 10g, a level last seen on April 7.
In MCX futures, traders are understood to have increased their bearish bets further. The open interest on MCX gold rose from 14,184 lots on Tuesday to 15,556 lots today and brokers said the rise in open interest, at a time when prices were falling, suggested an increase in bearish bets
Prices came under pressure, following heavy selling by institutional investors, amid fears central banks would act on the lines of the European Union, which had said Cyprus needed to sell gold reserves to raise about euro 400 million to meet its financing needs.
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