Finance shortage: gold prices crash to a 7 weeks low

6:12 PM, Saturday, November 19th, 2011
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GoldNew Delhi: It rose in the sky like a kite, only to crash to a low price in just 7 weeks. We refer to gold prices in world markets concocted by Wall street mismanagement in metals and products.

The investors fearing heavy losses in world markets, have withdrawn their deposited money, put on gold. Accordingly, in the Indian gold markets, pure gold and silver prices have collapsed. However, there was no rate changes in the gold ornaments and the rate of Rs.23,300 for 8 grams of this gold is continuing.

In view of smaller purchases by gold sellers and ornament makers, the gold dropped Rs.265 for every 10 grams to reach Rs 29090 per 10 grams.

Silver came down by Rs 2,425 per kg. to hit at Rs.55,075 in the world markets for want of a fair demand.

The high rate on gold has reduced the demand, say the experts. The banks will face serious trouble in America, due to the financial handicaps seen in European region, a report from Survey made by “Fitch” a well-known Company stated. The gold prices were seriously affected by downtrends shown in the yellow metal transaction on a world scale they added.


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