The Hot Button Questions:- Money, Banks, & the Economy Message Board

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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: maceng2 who wrote (583)	2/21/2004 2:12:21 PM
From: maceng2	Read Replies (1) of 1417

Heavy sales send gold prices plunging hinduonnet.com Mumbai, Feb. 21. (PTI): Gold prices plunged on the bullion market here today due to heavy selling by stockists, which followed a steep fall in global prices, especially in New York. The global trend, in turn, had been sparked by a sharp rise in dollar rates. Silver, on the other hand, managed to recover initial losses, yet closed sharply lower. Standard gold (99.5 purity) crashed by a whopping Rs 130 per ten gram to close at Rs 5950 as against yesterday's close of Rs 6080, while pure gold (99.9 purity) nose-dived by Rs 120 per ten gram to Rs 5990 from Rs 6115 yesterday. Dealers at the Comex division of the New York Mercantile Exchange attributed the sudden steep fall in gold prices to a sharp setback in the international prices. The most active April contract gold plummeted by $12.30 to $398 per ounce on Friday due to aggressive hedge fund and bullion bank selling spurred by sharp gains in the US dollar, they said. The dollar showed its steepest rally in 17 months against the yen at $ 109.04 from yesterday's level of $107.20 after Japan's finance ministry said it may keep selling the currency. The US currency also rallied against Euro to $1.2535 per Euro from $1.2716 per Euro, the biggest rally since January 16, after a member of the European Central Bank council said that the bank would sell its currency

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