Gold price tumble continues, hits 15-month low of Rs 27,100

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Gold futures in India, the world's biggest buyer of the metal, dropped nearly 3 percent on Monday. (Reuters) Gold futures in India, the world's biggest buyer of the metal, dropped nearly 3 percent on Monday. (Reuters)
SummaryGold futures in India, the world's biggest buyer of the metal, dropped nearly 3 percent on Monday.

Gold futures in India, the world's biggest buyer of the metal, dropped nearly 3 percent on Monday to hit their lowest level in 15-1/2 months, mirroring losses in the world market.

At 0516 GMT, the key gold contract for June delivery on India's Multi Commodity Exchange was down 2.64 percent at 27,189 rupees ($500)per 10 grams, after falling to 27,100 rupees earlier, the lowest level since Dec. 30, 2011.

In the overseas market, gold prices took a dramatic U-turn on Monday, reversing early gains to drop to a two-year trough after bullion futures fell on fears about central bank sales and holdings on global exchange-traded funds sank to their lowest in more than a year.

The wedding season has begun in India and will continue till early June. Akshay Tritiya, the second biggest gold buying festival after Dhanteras, also falls in this period.

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