Gold prices crash down: Buying?

Gold futures in India, the world's biggest buyer of the metal, dropped nearly 3 percent to hit their lowest level in 15-1/2 months, mirroring losses in the world market. At 10.46 am, the key gold contract for June delivery on Multi Commodity Exchange was down 2.64 percent at 27,189 rupees per 10 grams, after falling to 27,100 rupees earlier, the lowest level since December 30, 2011. In the overseas market, gold prices took a dramatic U-turn on Monday  reversing early gains to drop to a two-year trough after billion futures tell on fears about bank sales.

The holdings on global exchange-traded funds sank to their lowest in more than a year. The wedding season has begun in India and will continue till early June. Akshay Tritiya , the second biggest gold buying festival after Dhanteras, also falls in this period. As the reports continue there will be more reduction in gold prices. Even Silver has low downed its price today. This is big change in the finance markets. Were people are eagerly waiting to take their bags out for shopping.


The Lowered Gold & Silver Prices:

GOLD: 
13/04/2013 - Rs. 2815/gram, Rs. 22524 (8 grams)
15/04/2013 - Rs. 2683/gram, Rs. 21464 (8 grams).

Rate Reduced Rs. 132/ gram , Rs.1060 (8 grams).

SILVER:

 15/04/2013 - Rs. 44990/ KG