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Gold, silver drop on weak global cues

Gold prices declined at the bullion market in Mumbai today on profit-selling by stockists following sluggish overseas cues.

business Updated: Dec 11, 2010 15:39 IST

Gold prices declined at the bullion market in Mumbai on Saturday on profit-selling by stockists following sluggish overseas cues.

Silver also reacted downwards owing to highly speculative sell-off amid lower industrial offtake.

Standard gold (99.5 per cent purity) dipped by Rs 60 per ten grams to close at Rs 20,375 from Friday's closing level of Rs 20,435.

Pure gold (99.9 per cent purity) also fell by a similar margin to finish at Rs 20,475 per ten grams as against Rs 20,535 yesterday.

Silver ready (.999 fineness) dropped by Rs 220 per kg to end at Rs 44,520 from overnight closing level of Rs 44,740.

In New York, gold futures settled lower on Friday as investors book-profit on fear of interest rate hike in China.

Gold for February delivery declined by $7.90 to $1,384.90 an ounce on the Comex Division of NYMEX.

Silver for March delivery lost by 21 cents to $28.61 an ounce.