Gold, silver slip on profit-taking, weak global cues
Gold prices declined at the domestic bullion market today on heavy profit-taking by stockists as well as reduced investment and jewellery offtake following weak global cues.business Updated: Oct 08, 2011 16:17 IST
Gold prices declined at the domestic bullion market in Mumbai on Saturday on heavy profit-taking by stockists as well as reduced investment and jewellery offtake following weak global cues.
Silver also fell sharply owing to hectic speculative sell-off.
Standard gold (99.5 purity) shed Rs 205 per 10 grams to finish at Rs 26,215 from its overnight close of Rs 26,420.
Pure gold (99.9 purity) fell Rs 190 per 10 grams to end at Rs 26,355, from Rs 26,545 Friday.
Silver ready (.999 fineness) plunged by Rs 965 per kg to conclude at Rs 53,075 from Friday's close of Rs 54,040.
In New York, gold futures retreated after a two-day rally on the back of recovery in dollar and overnight positive US jobs data, reducing demand for the yellow metal despite downgrading of Italy and Spain's credit rating.
Gold for December delivery fell $17.40 to $1,635.80 an ounce on the Comex division of the NYMEX also December silver lost $1.01 to $30.99 an ounce.