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Home / News / Business News / Gold prices plummet to a five year low
  • Business

    Gold prices plummet to a five year low

    Sripriya Yegneswaran
    Written by
    Sripriya Yegneswaran
    Mail
    Last updated on Jul 22, 2015, 08:43 pm
    Gold prices plummet to a five year low
  • Massive selling on Shanghai Gold Exchange pushed gold prices by 4% to a five-year low. The prices dropped to $ 1,088.05 an ounce, the lowest since March 2010.

    RBI has taken several measures to bring pricing under control; India had earlier spent $15.2 Billion to make the biggest import in May 2013.

    Despite the fall, transactions were minimal anticipating a further downside in prices.

  • In this article
    China increases gold reserves post six years Google vs. gold: The investment battle With falling prices, dealers stock gold Chinese gold dumping triggers trade and panic Dubai fights obesity with gold Gold prices plummet to a five year low
  • 17 Jul 2015

    China increases gold reserves post six years

    China increases gold reserves post six years
  • The People's Bank of China (PBoC) boosted its gold reserves overnight by 57%. This move was made for the first time in six years.

    Analysts predicted that this shift would not have a deep impact on prices.

    This report came in after months of speculation that the Chinese government was surreptitiously buying gold.

    The move made China the world's fifth largest gold reserve.

  • Information

    Google vs. gold: The investment battle

  • In 2005, an individual, Rick Munarriz debated over Google or gold as a means of investment when both seemed to have equal footing in the market. By the end of 2008, Google closed at $307.65 a share, while gold closed the year at $866 an ounce.

  • 18 Jul 2015

    With falling prices, dealers stock gold

    With falling prices, dealers stock gold
    Credits:
  • Dealers in India resorted to stocking gold due to the plummet in the prices in the domestic and global gold market.

    With US Federal Reserve tightening the polices and proposing a change in rates, dealers anticipated a further fall in the price.

    Meanwhile, Indian markets expected a surge in retail jewellery sales as the market had become sluggish after Akshaya Tritiya.

  • 20 Jul 2015

    Chinese gold dumping triggers trade and panic

    Chinese gold dumping triggers trade and panic
  • Gold prices declined as the Chinese makets off-loaded it. In addition, speculators capitalised on the declining trend and traded actively hinting at global liquidation.

    Chinese gold reserves were reduced to half its expected level as a result of the dump it made in the market.

    It was gauged that 33 tonnes of gold was traded on the Shanghai spot market.

  • Do you know?

    Dubai fights obesity with gold

  • Using gold as a means to curb the national obesity, Dubai launched a program in 2014 that paid children 2 grams for each Kilogram (roughly 2.2 Pounds) of weight that they shed.

  • 23 Jul 2015

    Gold prices plummet to a five year low

    Gold prices plummet to a five year low
  • Massive selling on Shanghai Gold Exchange pushed gold prices by 4% to a five-year low. The prices dropped to $ 1,088.05 an ounce, the lowest since March 2010.

    RBI has taken several measures to bring pricing under control; India had earlier spent $15.2 Billion to make the biggest import in May 2013.

    Despite the fall, transactions were minimal anticipating a further downside in prices.

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