Gold,silver prices drop on global cues

Gold and silver prices witnessed a fall for the second straight day.

Gold and silver prices witnessed a fall for the second straight day at the bullion market on hectic speculative offloading on the back of continued sell-off at the global markets.

Silver ready (.999 fineness) slumped by Rs 345 per kg to finish at Rs 52,935 from Friday’s closing of Rs 53,280.

Standard gold (99.5 purity) dipped by Rs 155 per 10 grams to end at Rs 22,065 as compared to Rs 22,220 yesterday.

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Pure gold (99.9 purity) slid by Rs 160 per 10 grams to conclude at Rs 22,165 from Rs 22,325 previously.

In international market,the precious metals faced a further wave of selling to touch their lowest settlement since mid-May following sell-off due to drop in crude price on Thursday.

In New York,gold for August delivery declined by USD 19.60,or 1.3 per cent,to USD 1,500.90 an ounce on the Comex division of the NYMEX yesterday.

July silver also lost 36 cents,or 1 per cent,to USD 34.64 an ounce.

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Gold prices

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