Gold,silver prices hit by profit-taking,global cues

Gold prices took a pause from bullish momentum at the bullion market here today following moderate profit-taking from stockists and investors amidst bearish global sentiment.

Written by Agencies | Mumbai | Published:May 4, 2012 8:12 pm

Gold prices took a pause from bullish momentum at the bullion market here today following moderate profit-taking from stockists and investors amidst bearish global sentiment.

The yellow metal was scaling to new highs in recent uninterrupted rally fuelled by strong risk-aversion offtake due to under-performance of alternate investment avenues.

Standard gold (99.5 purity) declined by Rs 100 to end at Rs 29,210 per 10 gm from Thursday’s closing level of Rs 29,310.

Pure gold (99.9 purity) also fell by Rs 105 to close at Rs 29,340 per 10 gm as against Rs 29,445.

Silver ready (.999 fineness) slipped by Rs 485 per kg to conclude at Rs 56,050 from Rs 56,535 previously.

In New York,gold prices dropped on strong dollar amidst good US job data.

Gold for June delivery dipped USD 19.20 to USD 1,634.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver for July contract lost 63 cents to USD 30.01 an ounce.

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