Gold stages mild recovery after hitting 19-month low

 New Delhi: After hitting 19-month low in early trade, gold futures on Tuesday posted a modest recovery on low-level buying.

Gold in India, the world's biggest buyer of the metal, has shed 21 percent from the record high of Rs 32,464 for 10 grams struck in November, spreading panic among investors and importers.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was Rs 67 higher at Rs 25,701 per 10 grams, after falling to a low of Rs 25,270, a level last seen in late September, 2011.

Silver for June delivery was 0.48 percent lower at Rs 44,166 per kg.

Spot gold dropped to as low as USD 1,321.35 an ounce, but reversed losses to trade at USD 1,359.51, up USD 6.76, with dealers noting buying interest from consumers in Asia. The metal is about USD 560 below a lifetime high around USD 1,920 an ounce hit in September 2011.

 

                                     Amjad khan

                                       pgdm 2nd sem