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Gold, silver retreats from record high on profit-taking

business Updated: Nov 19, 2009 20:39 IST

Both the precious metals, gold and silver retreated from its overnight record highs on the bullion in Mumbai on Thursday due to reduced off-take from stockists and retailers at higher levels.

Weak overseas sentiment too weighed on the domestic market.

Meanwhile, standard gold conquered yet another historic high at Rs 17,220 per ten grams in early trade.

Silver ready (.999 fineness) dropped by Rs 265 per kilo to close at Rs 28,695 from yesterday's closing level of Rs 28,960.

Standard gold (99.5 purity) moved down by Rs 15 per ten grams to end at Rs 17,190 from Rs 17,205 on Wednesday.

Pure gold (99.9 purity) also fell by Rs 20 per ten grams to finish at Rs 17,280 as against Rs 17,300 previously.

In London, gold prices reacted on Thursday from the all-time high above $1,150 an ounce it hit in the previous session, as the dollar strengthened against basket of currencies.

Spot gold eased to $1,135.90 an ounce as against $1,144.70 late in New York on Wednesday.

US gold futures for December delivery fell by $4.80 to $1,136.40 an ounce on the Comex division of the NYMEX.

Silver also edged down to $18.26 an ounce against $18.54.