Gold tumbles Rs 1,750; Bullion Market reopened

Press Release ( - INDORE, India - Nov 28, 2016 - Gold and jewellery firms had been closed since November 11 after the I.T  Department performed surveys following reports of alleged profiteering and efforts at tax evasion in the wake of government’s demonetization of move. The survey operations were conducted on November 10 in four locations in Delhi-NCR region, including Dariba Kalan, Chandni Chowk and Karol Bagh.

It  was on Monday that the Bullion market  has reopened  after 16 days.  Effectively, the  gold prices witnessed a massive falls of Rs 1,750 to Rs 29,400 per 10 grams in the national capital.  The price of  silver slumped by Rs 3,100 to Rs 41,600 per kg.

In the national capital, gold of 99.9% purity plunged to Rs. 29400 while 99.5% purity down to 29,250 per 10 gram ( Fall of Rs. 1750 each, both).  The price of Gold stood at Rs. 31,150 per 10 gram, and Silver stood at Rs. 44,700 per kilo, on November.

Silver ready prices tumbled by Rs 3,100 to Rs 41,600 and weekly-based delivery by Rs 2,725 to Rs 41,175 per kilogram.  Silver coin followed suit and dropped by Rs 3,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Globally, gold traded 0.75 per higher at USD 1,192.80 an ounce, while silver rose 3%  to USD 16.80 an ounce in Singapore.

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Source : Money Maker Research Pvt. Ltd.

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