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Gold drops on selling pressure

Gold drops on selling pressure
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First Published: Tue, Apr 13 2010. 07 10 PM IST
Updated: Tue, Apr 13 2010. 07 10 PM IST
Mumbai: After a five day surge, gold prices fell on profit booking and speculators at the bullion market on Tuesday amid lower European cues.
Silver too tumbled on heavy stockists offerings.
Standard gold (99.5 purity) declined by Rs125 per ten grams to close at Rs16,780 from Monday’s closing level of Rs16,905.
Pure gold (99.9 purity) also fell by a similar margin of Rs125 per ten grams to end at Rs16,870 as against Rs16,995 on previous day.
Silver ready (.999 fineness) shed Rs295 per kilo to conclude at Rs28,240 from Rs28,535.
In London, gold eased from its four-months high levels as Euro weakened against the dollar on concerns over how Greece would utilize the aid package.
Spot gold was bid at $1,153.65 an ounce in early trade as against $1,155.00 late in New York on Monday.
US gold futures for June delivery also fell by $7.30 to USD 1,154.90 an ounce on the COMEX division of NYMEX.
Silver was bid at $18.14 an ounce against $18.19.
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First Published: Tue, Apr 13 2010. 07 10 PM IST
More Topics: Markets | India | Commodity | Gold | Bullion |