Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: Gold drops by Rs 210

Gold drops by Rs 210
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newsbyte on 10 June, 2008 01:54:22
 
New Delhi, June 10: A four-day long rising spree was snapped as gold dropped by
Rs 210 to Rs 12,495 per 10 gram on the bullion market here on Tuesday on
stockists selling influenced by a weakening global trend.
Marketmen said selling pressure gathered momentum as the dollar strengthened
and oil declined, diminishing the metal's appeal as a hedge against a drop in
the US currency and inflation.
Marketmen said brisk selling by stockists triggered by falling trend in global
market mainly attributed to a fall in gold prices. Sluggish demand in view of
off marriage and festival season also dampened the market sentiment to some
extent.
In London, gold fell $7.85 to $885.05 an ounce. Futures for July delivery also
declined $10.30 to $887.80 an ounce on the Comex division of the New York
Mercantile Exchange. -PTI