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This is an archive article published on August 24, 2011

Gold,Silver extend losses on profit-selling

Gold prices tumbled in global market due to economic worries amidst stimulus uncertainty in US.

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Silver and Gold rates fell further at the bullion market on Wednesday on sustained profit-taking following declining trend in the overseas market.

8220;Gold prices tumbled in global market due to economic worries amidst stimulus uncertainty in US,forcing local traders to book profits,8221; a trader said.

Standard gold 99.5 purity dropped by Rs 295 per 10 grams to finish at Rs 27,510 from Tuesday8217;s closing level of Rs 27,805. Pure gold 99.9 purity also slid Rs 300 per 10 grams to Rs 27,630,compared to Rs 27,930 yesterday. Silver ready .999 fineness plummeted by Rs 955 per kilo to end at Rs 64,330 from Rs 65,285 previously.

In New York,gold for December delivery plunged 30.60 to end at 1,861.30 an ounce on the Comex division of the NYMEX yesterday. September silver retreated 1.03 to 42.29 an ounce.

 

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