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Bullion loses sheen, resumes sharply lower

Bullion loses sheen, resumes sharply lower
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First Published: Wed, Mar 14 2007. 02 44 PM IST
Updated: Wed, Mar 14 2007. 02 44 PM IST
PTI
Mumbai: Gold and silver prices resumed sharply lower on the bullion market here today on persistent offerings from stockists on the back of weak global signals.
Standard gold (99.5 purity) opened lower by Rs90 to Rs9,255 per 10 gram from the yesterday’s closing level of Rs9,345 per 10 gram.
Pure gold (99.9 purity) fell to Rs9,305 from Rs9,395.
Silver ready (.999 fineness) moved down by Rs215 to Rs19,140 a kilo from yesterday’s Rs19,355 a kilo.
In New York, weakness in equities and a pullback in crude oil from earlier highs resulted in lower closes for gold and silver futures on yesterday, analysts said.
April gold fell 90 cents to $649.40 an ounce on the Comex division of the New York Mercantile Exchange.
Comex May silver fell 12.5 cents to $12.96.
The stock and gold markets moved in tandem lately, since a sell-off in equities late last month resulted in liquidation in gold as investors looked to raise cash.
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First Published: Wed, Mar 14 2007. 02 44 PM IST
More Topics: Money Matters | Commodities |