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Silver plunges on profit selling, gold drops

business Updated: May 15, 2011 02:05 IST

Silver prices fell back sharply at the domestic bullion market here today on emergence of heavy profit taking by stockists and speculators.

Gold also declined due to offerings from stockists amid reduced jewellery demand influenced by sharp slid in overseas. Silver ready (.999 fineness) tumbled by Rs 765 per kg to close at Rs 54,835 from Friday's closing level of Rs 55,600. Standard gold (99.5 purity) dipped by Rs 145 per 10 grams to end at Rs 21,935 from Rs 22,080 yesterday.

Pure gold (99.9 purity) fell by Rs 135 per 10 grams to finish at Rs 22,045 as compared to Rs 22,180 previously. In New York, gold for June delivery lost by $13.20 an ounce to $1,493.60 on the Comex Division of NYMEX. However, gained by 22 cents to $35.01 an ounce.