Gold prices hit 4-year low tracking global cues

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Mumbai | Published: July 24, 2015 11:19:29 AM

Indian gold prices fell on Friday to their lowest level in nearly four years, following losses in global markets.

gold rateIndian gold prices fell on Friday to their lowest level in nearly four years, following losses in global markets. (Reuters)

Indian gold prices fell on Friday to their lowest level in nearly four years, following losses in global markets.

At 0446 GMT, the benchmark August contract on the Multi Commodity Exchange was 0.75 percent lower at 24,548 rupees ($383.92) per 10 gram. It hit a low of 24,533 rupees, the lowest since August 2011, earlier in the day.

In overseas markets gold slid more than 1 percent to its lowest since 2010, on course for its biggest weekly loss in nine months, as strong U.S. jobs data helped deepen this week’s rout.

Blame poor rains or a lack of weddings, but Indians, for whom gold is the investment of choice, aren’t rushing to buy bullion after this week’s sharp sell-off.

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