Gold prices plunges for the first time in 2017

Photo of a woman wearing gold ornament.

New Delhi: The prices of Gold moved down for the first time this year today with yellow metal price of 24 carat purity was suspended around Rs 29,000 per 10 grams.




The yellow metal price of 24 carat purity was suspended around Rs 29,000 per 10 grams on Friday as against the previous Rs 29,400.




Director of Emichand Bamalwa & Sons told media persons said, “Actually the price started falling in the global markets yesterday (Thursday) but Indian markets were closed (due to the Republic Day holiday). On Friday the price dropped for the first time in this year.”




He said the prices went up by 6-7 per cent in January as investors started buying the yellow metal speculating equity markets would drop following US President Donald Trump’s inauguration speech.




Bamalwa said, “But it was all speculative buying. There was nothing significant in the speech which could jeopardise the equity market. The equity markets all over the world reacted positively following his speech.”

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