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Gold retreats from record highs, silver at new peak

Gold retreats from record highs, silver at new peak
PTI
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First Published: Fri, Sep 03 2010. 09 05 PM IST
Updated: Fri, Sep 03 2010. 09 05 PM IST
Mumbai: Gold retreated from its historic levels, falling by Rs75 per ten grams to end at Rs19,065 at the bullion market here on Friday on emergence of fresh selling from stockists and speculators at existing higher levels.
The yellow-metal had zoomed to a record level of Rs19,140 on Wednesday.
On the other hand, industrial metal, silver continued its dream run, hitting a fresh high owing to rising demand from industrial users coupled with heavy speculative trading. Firm global markets too aided the sentiment.
Standard gold (99.5 purity) declined by Rs75 per ten grams to close at Rs19,065 from its previous closing level of Rs19,140.
Pure gold (99.9 purity) fell by a similar margin of Rs75 per ten grams to end at Rs19,155 from previous close of Rs19,230.
However, silver ready (.999 fineness) strengthened by Rs205 per kilo to finish at Rs31,505 from Rs31,300 previously.
In New York, gold for December delivery added by $5.30 to $1,253.40 an ounce on Thursday on the Comex division of the NYMEX.
Silver for December delivery gained by 28 cents to $19.67 an ounce.
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First Published: Fri, Sep 03 2010. 09 05 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |