Image: A woman tries on a gold necklace inside a jewellery showroom at a market in Mumbai. Photograph: Shailesh Andrade/Reuters Gold and silver prices continued their fall on Monday, slipping to their lowest level in five years, with the yellow metal losing four per cent in intra-day deals to $1,089.80 an oz in Asian trade. On the MCX (Multi Commodity Exchange), gold prices dropped two per cent to a low of Rs 24,904. The fall in the prices of these precious metals comes on the back of comments by US Fed Chair, Janet Yellen indicating early last week a possible hike in interest rates in 2015 given satisfactory growth in the US economy. Image: Gold bracelets are on display as a woman (left) makes choices at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata. Rupak De Chowdhuri/Reuters The fall on Monday, according to reports, is also attributed to a sell-off in China that saw five tonnes of gold being sold through the Shanghai gold exchange in a matter of minutes. For the first time since 2009, China also announced its gold reserves at 1,658 tonnes, or 53.31 million fine troy ounces, which… Read full this story
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