Gold falls on heavy selling; silver spurts on fresh demand

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Gold prices dropped at the domestic bullion market on Monday on hectic selling from stockists and investors driven by extended fall in the global market. Silver firmed up on sustained speculative demand amid good industrial off—take.
Standard gold of 99.5 per cent purity fell by ` 410 to close at ` 31,540 per 10 gm from Saturday’s closing level of ` 31,950. Pure gold of 99.9 per cent purity dipped by ` 435 to to finish at ` 31,685 from ` 32,120.
However, silver ready (.999 fineness) climbed by ` 465 to conclude at ` 55,575 per kg as against ` 55,110 last weekend. In overseas markets, gold eased in narrow trade amid US holding over its possible military action in Syria diminishing the safe haven appeal, though silver gained amid improved economic data from China.
In London, spot gold was bid down at $1,392.84 an ounce in early trade, while, silver was bid up at $24.10 an ounce.
Source: Hindu business line.
Source:Bullion Bulletin

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