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Gold slips on profit-selling, silver drops

Gold slips on profit-selling, silver drops
PTI
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First Published: Thu, Jun 10 2010. 07 22 PM IST
Updated: Thu, Jun 10 2010. 07 22 PM IST
Mumbai: Gold declined further at the bullion market here on Thursday on sustained selling from stockists and jewellers, amidst a weak overseas trend.
Silver also dropped on the back of persistent offerings from stockists coupled with reduced industrial off-take.
Standard gold (99.5 purity) dipped by Rs155 per ten grams to close at Rs18,725 from overnight closing level of Rs18,880.
Pure gold (99.9 purity) also fell by Rs160 per ten grams to conclude at Rs18,815 as against Rs18,975 previously.
Silver ready (.999 fineness) also shed Rs320 per kilo to finish at Rs29,485 from Rs29,805 on Wednesday.
On the global front, gold eased in Europe as the euro strengthened against the dollar along with rising stocks, reflecting sharper appetite for high risk assets other than bullion.
Spot gold was bid at $1,223.20 in early trade as against $1,230.35 late in New York on Wednesday.
US gold futures for August delivery fell by $5.40 an ounce to $1,224.70.
Silver was bid at $17.99 an ounce as against $18.07 an ounce.
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First Published: Thu, Jun 10 2010. 07 22 PM IST
More Topics: Gold | Bullion | Silver | Commodity | Markets |