Gold price at 11-month low, dips below Rs 29,000

BT Online Bureau   Mumbai     Last Updated: April 16, 2013  | 18:40 IST

Continuing its downtrend, gold prices fell to its 11-months low and closed below the Rs 29,000 per 10 gram mark at the domestic bullion market on off-loading by stockists and speculators.

Standard gold of 99.5 per cent purity plunged by Rs 500 to finish at Rs 28,890 per 10 grams. Silver, too, slumped on by Rs 565 to conclude at Rs 52,495 per kg from Rs 53,060 previously.

Trading sentiments in India were hit by the precious metal's sharp correction in overseas markets.

The precious metal, which is considered a safe haven for investors in troubled times, has continued its fall in recent weeks despite concerns about the global economy.

Investment bank Goldman Sachs Group Inc has turned bearish on gold saying in a research note that it does not see a "large rebound in gold prices is unlikely barring an unexpected sharp turn in the U.S. recovery." (With PTI inputs)

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