Gold Falls Over 2%

07 September 2011 - Which Way to Pay

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Gold Falls Over 2%

India is the world’s biggest bullion buyer and weaker overseas trading markets as well as a stronger rupee has seen a drop in gold prices by over 2% today as gold traders in India booked deals to stock up ahead of a slew of festivals and weddings.

"People have jumped to buy gold due to current decline" said a private importing bank dealer in Mumbai, which sold 300-400kgs on Wednesday.

Early this morning the value of global spot gold abruptly dropped 2% to as low as $1,826, nearly $100 off the all-time high above $1,920 hit in the previous session. The strengthened rupee plays an important role in determining the landed cost of the yellow metal. A two-day losing streak in the value of the Indian rupee was broken today assisted by gains across Asian equities and currencies, although the volatile euro limited the rise.

On Tuesday New Delhi saw Gold climb to Rs 29,091 per 10 grams, as expected the demand tracks a firming trend overseas as concerns about slowing economic growth and Europe's debt crisis spurred demand for the precious metal as a safe haven investment.

It is anticipated that the consumer market for gold will gain pace and peak in October in tandem with the demand associated with increased weddings and festivals before tapering off in December.

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