Gold prices continue losing sheen as the bear grip on the yellow metal gets tighter. Having fallen to 43,000-per-10-gram level from a high of Rs 56,000 in August last year, prices are matching the trends of global gold trade as well as a strengthening dollar.
Trading near a 10-month low the metal has fallen for 8 out of the last 10 trading sessions. The global gold ETFs have now marked outflows for the third time in four months, and the seventh worst historical monthly holdings loss.
Gold holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have seen an outflow of 200.5 tonnes or 15.6%.