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Gold drops for 3rd day on selling pressure

Gold drops for 3rd day on selling pressure
PTI
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First Published: Fri, Jun 11 2010. 07 36 PM IST
Updated: Fri, Jun 11 2010. 07 36 PM IST
Mumbai: Gold fell for the third consecutive day at the bullion market here on Friday on persistent selling from stockists and speculators amidst weakening trend in overseas market.
Meanwhile, silver rebounded on fresh industrial demand.
Standard gold (99.5 purity) declined further by Rs85 per ten grams to close at Rs18,640 per ten gram.
Pure gold (99.9 purity) also dipped by Rs80 per ten grams to finish at Rs18,735 as against Rs18,815 on Thursday.
However, Silver ready (.999 fineness) surged by Rs305 per kilo to end at Rs29,790 from Rs29,485 previously.
In New York, Gold for August delivery fell by $7.70 to $1,222.20 an ounce on the COMEX division of the NYMEX.
July silver rose 17 cents to $18.35 an ounce.
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First Published: Fri, Jun 11 2010. 07 36 PM IST
More Topics: Gold | Commodity | Bullion | Dollar | Rupee |