Gold drops on heavy offloading; silver also slips

Gold drops on heavy offloading; silver also slips

Mumbai: Gold prices fell at the bullion market here on Friday on the back of heavy offloading by stockists amid lower demand at the current higher levels despite higher global cues.

“The precious metal is losing its investment appeal due to rise in equity market and lack of local buying interest due to current high prices," traders said.

Silver, too, eased further on subdued industrial demand.

Standard gold (99.5 purity) dropped by Rs170 per ten grams to end at Rs18,400 from overnight closing level of Rs18,570.

Pure gold (99.9 purity) also finished lower by a similar margin to Rs18,485 from Rs18,655 on Thursday.

Silver ready (.999 fineness) moved down by another Rs15 per kilo to Rs29,805 from Rs29,820.

In Europe, spot gold was bid at $1,214.45 an ounce in early today as against $1,211.10 late in New York on Thursday.

In the US, gold futures for June delivery rose by $0.60 to finish at $1,212.50 an ounce on the Comex division of the NYMEX.

Spot silver was bid at $18.55 an ounce as against $18.45.