Breaking News

You are here » Indian-Commodity  :  Commodities  :  Gold Takes A Nasty Blow, Settles Below $1,500 An Ounce Level

06-May2011

Gold Takes A Nasty Blow, Settles Below $1,500 An Ounce Level

Gold prices took a nasty laceration on Thursday as they got pulverized by over two percent, slipping below the $1,500 per ounce level, a broad based sell-off in commodities weighed down sentiments. Profit booking in yellow metal amplified as the American greenback rallied strongly from its two and half year low levels, eroding the appeal of precious metal as alternative assets.

Gold futures for June delivery nosedived by $33.90 to settle at $1,481.40 an ounce after trading in the range of $1,522.10 to $1,471.80 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices got pounded by almost $50 to $1,464.25 an ounce.

Related News

View all news

BT Cotton Seeds Businesses Targeting Earnings Of Rs 700 Crore This Season

BT Cotton seeds organizations are targeting earnings of Rs 700 cr this season as a result of a rise ......

Gold Challenges To Maintain Earlier Increases As The Problems In Europe Prolongs

Gold prices surrounded reduce on Monday because the euro solved their deficits in opposition to the ......

Copper Seems To Lengthen Uptrend As Dollar Recoils

Copper rates were able to lengthen the uptrend for 3rd instantly period on Monday, as traders proved......

Top News

View all news

RBI's swap arrangement a 'sound move': Subhash Chandra Garg

Welcoming the Central Bank's rupee-dollar swap auction, the Finance Ministry has said that liquidity situation of the economy is comfortable and it will be boosted further by Rs 35,000 crore through the......

KPTL, Infibeam Avenues and Amarjothi Spinning Mills to see some action today

Kalpataru Power Transmission (KPTL) through its wholly owned subsidiary -- Kalpataru Power Transmission Sweden AB has signed definitive agreement to acquire 85% stake in Linjemontage i Grastorp AB for......

Kalpataru Power Transmission to acquire 85% stake in Linjemontage i Grastorp AB

Kalpataru Power Transmission (KPTL) through its wholly owned subsidiary -- Kalpataru Power Transmission Sweden AB has signed definitive agreement to acquire 85% stake in Linjemontage i Grastorp AB for......