Gold improves on good retail buying

Silver fell owing to profit-taking by stockists and retail speculators.

Written by Agencies | Mumbai | Published: March 3, 2012 5:30 pm

Gold prices improved further at the domestic bullion market here today on consistent local buying interest as well as increased jewellery off-take. In contrast,silver fell owing to profit-taking by stockists and retail speculators.

On the global front,precious metals dropped as investors continued unwinding of long positions after the US Fed Chairman hinted a third round of monetary stimulus would not materialise,triggering the steepest single-day drop in three years on Wednesday.

Standard gold of 99.5 per cent purity gained by Rs 35 conclude at Rs 27,840 per 10 grams from Friday’s closing level of Rs 27,805.

Pure gold of 99.9 per cent purity advanced by Rs 25 to settle at Rs 27,955 per 10 grams from Rs 27,930.

However,silver ready (.999 fineness) slid by Rs 450 per kg to end at Rs 58,590 from overnight closing level of Rs 59,040.

In New York,gold for April delivery declined by USD 12.40 to USD 1,709.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver for May contract lost by USD 1.14 to USD 34.56 an ounce.

For all the latest Business News, download Indian Express App

  1. No Comments.