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Sunday, May 9, 1999
Indian markets too subdued
MUMBAI: Gold prices in India will fall further riding on the international prices. As the largest importer of gold in the world, any price fluctuations in the global prices India will be reflected in the local prices. Bullion traders in Mumbai say that when some Swiss banks sold gold in a similar way two years back, prices in India fell to record lows. ``Next week, gold prices will fall,'' predict traders.Gold standard mint, 22 carat and biscuit prices which opened on a steady note on Monday at Rs 4430, Rs 4100 nominal per ten gm and Rs 51,900 per ten tola respectively, fluctuated in a narrow range during the week and eased marginally. Gold standard mint and 22 carat prices closed the week lower by Rs 30 each to Rs 4400 (Rs 4430) and Rs 4070 (Rs 4100) per 10 gm respectively while gold biscuit price crashed by Rs 300 to Rs 51,600 per 10 tola. The fall was also due to lack of fresh marriage seasonal demand at the previous higher levels from local buyers. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

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