Gold drops on mute demand; silver recovers

Gold prices dropped further at the domestic bullion market today on sustained profit-taking by stockists and traders as well as dull local demand at the prevailing levels. It was also triggered by bearish global trend. Silver rebounded following good speculative off-take amid industrial demand.
Standard gold of 99.5 per cent purity fell by Rs 165 to finish at Rs 28,305 per 10 gm from Monday’s closing level of Rs 28,470. Pure gold of 99.9 per cent purity dipped by Rs 140 to end at Rs 28,440 per 10 gm from Rs 28,580.
However, silver ready (.999 fineness) climbed by Rs 115 to conclude at Rs 42,515 per kg from Rs 42,400 previously. Globally, gold slid one per cent to fall below the psychological USD 1,300 an ounce, on positive US and European economic data coupled with steady dollar diminishing the metals safe haven appeal. In London, spot gold bid lower at USD 1,287.44 an ounce in early trade, However, silver bid up at USD 19.70 an ounce

Source: Economictimes

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