Gold prices plummet to a five year low

23 Jul 2015 | By Siripriya
 The frenzy over gold price volatility

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 context: The frenzy over gold price volatility

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18 Jul 2015With falling prices, dealers stock gold

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.

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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.

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23 Jul 2015Gold prices plummet to a five year low