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Gold selloff intensifies, price plunges 9.35%
With the company scrip getting battered following the slump in gold prices and amidst reports of RBI seeking loan regard details, Muthoot Finance sought to play down the impact of this on its business, saying it will have "minimal" fallout.
"But I am a hopeless market timer/trader." Rogers said he expects gold prices to fall further for the "foreseeable future" but expects "gold to eventually go privileged over the decade." SEE ALSO: Gold Bull Frank Holmes: 'The Math Indicates That The Metal
Gold miners have watched their screens in shock since Friday, as the price of the key gold futures contract has plummeted a staggering US$204 an ounce, or 13%. That is the largest percentage drop since 1980, and even if it is temporary, it sends a
Gold had already fallen to its lowest level in 18 months on Friday accompanied by fears that cash-strapped countries would call for to sell off their reserves, as Cyprus is expected to do so, to raise €400m (£340m) – although the amount it raises will drop if the
Shares of mining companies fell in early trading on Monday as the price of gold continued its recent decline, dropping to its lowest since March 2011.
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