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Gold drops on lower global cues, silver also slips

Gold drops on lower global cues, silver also slips
PTI
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First Published: Fri, Jun 04 2010. 07 46 PM IST
Updated: Fri, Jun 04 2010. 07 46 PM IST
Mumbai: Gold declined further at the bullion market here on Friday due to heavy offloading by stockists amidst weak global cues.
Silver also dropped on sustained offerings by stockists as well as poor industrial demand.
Standard gold (99.5 purity) tumbled by Rs210 per ten grams to end at Rs18,335 from previous closing level of Rs18,545.
Pure gold (99.9 purity) also fell by a similar margin to close at Rs18,425 as against Rs18,635 previously.
Silver ready (.999 fineness) slumped by Rs590 per kilo to finish at Rs29,135 from Rs29,725 on Thursday.
In Europe, spot gold was bid at $1,197.55 an ounce in early trade as against $1,206.05 late in New York on Thursday.
US gold futures for August delivery fell by $10.90 to USD 1,199.10 an ounce.
Silver was bid at $17.72 an ounce against $17.94.
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First Published: Fri, Jun 04 2010. 07 46 PM IST
More Topics: Gold Bullion | Silver | Commodity | US | India |