Gold moves down profit-taking, silver drops

Aug 21, 2010 |

mumbai

Gold prices moved down at the bullion market here on Saturday due to mild profit-taking at existing higher levels amidst weak global cues. Silver dropped further on persistent offloading by stockists coupled with poor industrial support.

Standard gold (99.5 purity) eased by Rs 15 per 10 grams to end at Rs 18,720 from Friday’s closing level of Rs 18,735. Pure gold (99.9 purity) also fell by a similar margin of Rs 15 per 10 grams to close at Rs 18,810 per 10 grams, as against Rs 18,825 previously.

Silver ready (.999 fineness) declined sharply by Rs 230 per kilo to finish at Rs 29,515 from Rs 29,745 on Friday. In New York, gold for December delivery retreated by $6.60 to $1,228.80 an ounce on the COMEX division of NYMEX. Silver for September delivery also lost by 34 cents to $18 an ounce.

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