The yellow metal saw another round of free fall on Friday in the domestic markets in the wake of strengthening dollar and sliding crude prices. The relentless fall since its recent peak has weakened the metal’s appeal as a hedge against inflation.
Reports that gold fell by more than 2% in international markets on Friday and headed for its biggest monthly drop in more than 30 years as the stronger dollar and recession fears triggered fresh bout of fund selling, which led panic selling in India too.
In Mumbai, a major gold hub in India, the prices of standard and pure gold tumbled by Rs 305 each to Rs 11,795 and Rs 11,855 per 10 gm, respectively.
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