Gold,silver prices drop on profit-selling,global cues

Gold prices dropped at the domestic bullion market here today on hectic profit-selling by stockist and investors following sliding overseas trend.

Written by Agencies | Mumbai | Published:May 14, 2012 9:09 pm

Gold prices dropped at the domestic bullion market here today on hectic profit-selling by stockist and investors following sliding overseas trend.

Silver also fell on speculative offloading on the back of subdued industrial off-take.

Standard gold (99.5 purity) shed by Rs 220 to finish at Rs 28,180 per 10 gm from last Saturday’s closing level of Rs 28,400.

Pure gold (99.9 purity) also went down by a similar margin of Rs 220 to conclude at Rs 28,310 per 10 gm from Rs 28,530.

Silver ready (.999 fineness) slumped by Rs 440 per kg to end at Rs 53,690 as against Rs 54,130 last weekend.

In Europe,gold touched a fresh 4-1/2-month low on worries over deepening debt crisis amidst political deadlock in Greece.

Spot gold was bid lower at USD 1,561.81 an ounce in early trade and spot silver quoted down at USD 28.40 an ounce.

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