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Gold price falls to Rs 19,280, a lowest in the recent times

634875415771466073_lirsaojcbgcKochi: Gold prices plunged to the lowest and touched Rs 19,280 for a sovereign, a fall of Rs 240. A gram of gold is at Rs 2420. Gold recorded a price of Rs 19,520 the other day.

Gold plunged 4 per cent to its lowest in more than five years on Monday as sellers in top consumer China sold off the metal in a matter of minutes, just as bullion’s safe-have status takes a fresh knock from mounting expectations of a US rate hike.

Bullion fell to as low as $1,088.05 an ounce – its weakest since March 2010 – shortly after the Shanghai Gold Exchange opened trading, with volumes soaring to a record level. Gold had regained some ground as the selloff subsided, trading above the key $1,100 support level.

Gold has breached key support levels since last week as the dollar gained after Federal Reserve Chair Janet Yellen told Congress that the Fed is on course to raise interest rates if the US economy expands as expected.

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