With decline in global demand, gold price dips | business | Hindustan Times
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With decline in global demand, gold price dips

Gold price fell by Rs 1,840 per 10 grams to close at Rs 25,670 on Thursday mirroring the slump in bullion prices in global markets amid speculation the United States will announce another set of stimulus measures to pump-prime the world’s largest economy.

business Updated: Aug 25, 2011 23:30 IST
HT Correspondent

Gold price fell by Rs 1,840 per 10 grams to close at Rs 25,670 on Thursday mirroring the slump in bullion prices in global markets amid speculation the United States will announce another set of stimulus measures to pump-prime the world’s largest economy.

Standard gold (99.5 purity) prices fell by Rs 1,840 per 10 grams to close at Rs 25,670 from Wednesday's closing level of Rs 27,510. It had touched a record level of Rs 28,145 per 10 grams on Tuesday.

Pure gold (99.9 purity) prices also dropped by Rs 1,835 per 10 grams to end at Rs 25,795 from overnight closing level of Rs 27,630.

In international markets, gold fell by 3.1% to $1,704.25 an ounce, taking its three-day decline to 10%, the most since 2008.

US Federal Reserve chief Ben Bernanke is scheduled to address central bankers at an annual symposium on Friday rekindling speculation that he might lay down the roadmap for releasing billions of dollars to spur growth in the economy.

The US Fed Reserve is expected to buy government bonds worth hundreds of billions of dollars, in an attempt to infuse liquidity and spur demand, similar to lat year’s $600 billion bond-buying program termed as quantitative easing.