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Gold falls on speculative selling, silver recovers

Gold falls on speculative selling, silver recovers
PTI
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First Published: Tue, Jul 27 2010. 07 15 PM IST
Updated: Tue, Jul 27 2010. 07 15 PM IST
Mumbai: Gold prices plunged at the bullion market here on Tuesday on speculative selling amid a falling trend in international markets.
“Speculation has overtaken the trading due to off-marriage season and bearish global situation, also firming equities is sidelining the yellow metal’, traders said.
Meanwhile, silver regained slightly on mild demand from industrial users.
Standard gold (99.5 purity) tumbled by Rs180 per ten grams to close at Rs18,065 from overnight’s closing level of Rs18,245.
Pure gold (99.9 purity) also fell by a similar margin of Rs180 per ten grams to end at Rs18,155 from its close on Monday Rs18,335.
Silver ready (.999 fineness), however, recovered by Rs35 per kilo to Rs29,580, as against Monday’s closing level of Rs29,545.
In New York, gold futures for August delivery fell on Monday by $4.70 to $1,183.10 an ounce on the Comex division of the NYMEX.
Silver edged up to $18.20 from $18.10 an ounce.
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First Published: Tue, Jul 27 2010. 07 15 PM IST
More Topics: Gold | Bullion | Silver | Commodity | Markets |