Gold Price hits 23-month low, slips below Rs. 25,000 -Friday June 28,2013

Gold prices hit a 23-month low on Friday June 28,2013 on heavy selling by domestic stockists and investors. The domestic selloff was triggered by a sharp plunge in global gold prices and on account of the strengthening of the Indian rupee

In Delhi market, gold prices fell by Rs. 1,150 per 10 gram to hit Rs. 25,650. These levels were last seen in August 9, 2011 according to the Press Trust of India.

At 3.44 p.m., the actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 1.57 per cent lower at Rs. 24,977 rupees per 10 grams, after hitting a low of Rs. 24,952, a level last seen in late September 2011

In international markets, gold prices fell below $1,200 to its lowest since August 2010.

The Reserve Bank of India(RBI) squeezed gold buyers further on Thursday, ruling out any credit transactions for imports unless they were intended to make jewellery for export