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Gold plummets
MUMBAI,
APRIL 29.
Gold prices plummeted by Rs. 170 per ten gram on the bullion market here today and closed at a six month low of Rs. 5,660 due to heavy stockists' offering.
Attributing the steep fall in prices to a sharp setback in global markets, dealers said gold declined by over three per cent in New York to hit a 5-1/2 month low of $383.65 per ounce due to heavy fund and bullion banks selling as the dollar rose across the board on Wednesday.
Chennai Bureau adds:
Bullion prices witnessed a major downslide in Chennai also. According to C. V. Pandurangan, Vice President, Madras Jewellers and Diamond Merchant Association, there was panic selling by stockists following heavy selling in the U.S. There was also concern of a slowdown in Chinese demand, he said.
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