Gold hovers near 5-year lows with more losses expected

The gold on Wed fell below the psychological Rs twenty five,000 mark, its lowest level in four-years in late morning trade – at the domestic bullion hub in Mumbai on the rear of serious unreeling by stockists and speculators.

The slide principally attributed to world spill-over wherever the broad-based commodities bore theforcefulness of investors’ panic commerce recently amid a flash-crash worldwide.

“Speculators and investors area unit getting rid of profits fearing the yellow-metal could fall more as overseas traders area unit pessimistic on gold at this juncture and cashing out their long positions,” a bullion monger commented.

Standard gold (99.5 purity) fell by Rs 250 to Rs twenty four,870 per ten g compared to Tuesday’s closing level of Rs twenty five,120.

Pure gold (99.9 purity) conjointly slouched by an identical margin to Rs twenty five,020 per tengrams as against Rs twenty five,270.

Silver (.999 fineness) conjointly born by Rs one hundred seventy five to Rs thirty four,550 perweight unit compared to Rs thirty four,725 on weekday.

On the worldwide front, the shiny-metal remained underneath intense commerce pressure on fundsunreeling despite a weaker dollar.

Spot gold was down at USD one,095 an oz in early European commerce and silver was quoted at USD fourteen.72 an oz.

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