Gold, silver decline on stockists offerings

Both the precious metals reacted downwards on the bullion market in Mumbai on Saturday on fresh offerings from stockists on the back of overnight fall in New York, coupled with rising trend in equity markets.

Both the precious metals reacted downwards on the bullion market in Mumbai on Saturday on fresh offerings from stockists on the back of overnight fall in New York, coupled with rising trend in equity markets.

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Gold futures fell in New York following strong dollar overseas against its major rivals, reducing the metal’s appeal. The yellow metal for April delivery retreated $16.70 an ounce to $923.20 an ounce on the Comex Division of the New York Mercantile Exchange.

May silver also decline to $13.263 an ounce.

Moving to the domestic market, standard gold (99.5 purity) dropped by Rs 55 per ten grams to Rs 15,120 from the Thursday’s closing level of Rs 15,175.

Pure gold (99.9 purity) also dipped by Rs 60 per ten grams to Rs 15,185 from Rs 15,245.

Silver ready (.999 fineness) slipped by Rs 135 per kilo to Rs 22,375 from Rs 22,510.