Gold prices dip to five-month low

Mysuru: Gold prices in city dipped to a five month low with the standard 22 carat gold being sold at Rs. 2,655 per gram today, nearly Rs. 70 less when compared to last Monday’s price of Rs. 2,735 per gram. The prices of the gold has decreased by Rs. 10 per gram compared to yesterday’s prices of Rs. 2,665 while the 24 carat Gold was being sold at Rs. 2,940 per gram. Jewellers in Mysuru said that other than the weakness in local demand, a weak trend overseas on higher chances of a rate hike by the US Federal Reserve had diminished the appeal for precious metals as a safe haven investment, led to the fall. However, the jewellers are of an opinion that decrease in the price was only a temporary phenomenon and expressed confidence to the prices to increase in the coming week.