Gold slips below Rs19K on bearish trend

Gold slips below Rs19K on bearish trend

Mumbai: Gold prices declined further to close below the Rs19,000 mark at the bullion market here on Friday due to sustained sell-off by stockists and speculators in view of weak global cues.

Silver, after trading in a narrow range, settled at its overnight levels owing to reduced off-take at higher levels.

Standard gold (99.5 purity) dropped by Rs140 per ten grams to finish at Rs18,935 from Thursday’s closing level of Rs19,075.

Pure gold (99.9 purity) fell by Rs120 per ten grams to end at Rs19,050, as against Rs19,170 on Thursday.

However, silver ready (.999 fineness) closed unaltered at Rs32,155 per kilo.

In New York, Gold futures for December delivery slipped on Thursday by $6.60 to $1,250.90 an ounce on the COMEX division of NYMEX.

Silver for December delivery lost 15 cents to $19.855 an ounce.