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Gold drops on selling, silver firms up on sustained demand

PTI  Mumbai, September 02, 2013
First Published: 18:58 IST(2/9/2013) | Last Updated: 19:01 IST(2/9/2013)

Gold prices dropped at the domestic bullion market on Monday on hectic selling from stockists and investors driven by extended fall in the global market.


Silver firmed up on sustained speculative demand amid good industrial off-take.

Standard gold of 99.5% purity fell by Rs. 410 to close at Rs. 31,540 per 10gm from last Saturday's closing level of Rs. 31,950.

Pure gold of 99.9% purity dipped by Rs. 435 to to finish at Rs. 31,685 from Rs. 32,120.

However, silver ready (.999 fineness) climbed by Rs. 465 to conclude at Rs. 55,575 per kg as against Rs. 55,110 last weekend.

In overseas markets, gold eased in narrow trade amid US holding over its possible military action in Syria diminishing the safe haven appeal, though silver gained amid improved economic data from China.

In London, spot gold was bid down at $1,392.84 an ounce in early trade, while, silver was bid up at $24.10 an ounce.

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