Gold fails to sparkle on Diwali eve, but silver shines | business | Hindustan Times
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Gold fails to sparkle on Diwali eve, but silver shines

business Updated: Oct 25, 2011 19:11 IST

PTI
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Silver charmed its way to gain on Diwali eve at the domestic bullion market on Tuesday, following moderate festive buy-out, but gold succumbed to mild profit-taking despite firm international cues.

Silver ready (.999 fineness) added Rs 60 per kg to conclude at Rs 53,990 from Rs 53,930 previously.

However, standard gold (99.5 purity) eased by Rs 65 per 10 grams to close at Rs 26,720 from Monday's closing level of Rs 26,785.

Pure gold (99.9 purity) was also declined by a similar margin to finish at Rs 26,850 from Rs 26,915 on Monday.

"The yellow metal failed to impress the investors this time on the eve of Diwali as the past three-session rally has made it more costly," traders said.

In New York, gold soared on optimism by investors over positive outcome of eurozone debt-crisis by European leaders this week amidst strong Chinese manufacturing data.

Gold for December delivery rallied $16.20 to $1,652.30 an ounce on the Comex division of NYMEX late on Monday.

December silver rose 45 cents to $31.64 an ounce.