Monday October 22, 08:28 PM
Gold falls from 27-year high
|
|
By Agencies
Gold declined in London from the highest level since January 1980 as a decline in Asian and European stock markets spurred some investors to sell bullion. European stocks slumped, following a drop in Asian and US markets, after the Group of Seven finance ministers and central bankers said credit market turmoil will slow economic growth. Bullion for immediate delivery fell 7.76 dollar, or one per cent, to 757.43 dollar an ounce. It rose to a 27-year high of 771.10 dollar an ounce on Oct 19. Silver for immediate delivery slid 13 cents to 13.38 dollar an ounce. Gold is trading 30 per cent higher than a year ago. Prices may fall to a low of 720 dollar this week. Imports of bullion by India, which uses more gold than the US and China combined, traditionally peak in the fourth quarter as wedding seasons drives demand upward. Gold has gained every final quarter since 2002.
|
