ENM: Gold, silver retreat from record levels on profit-selling
MUMBAI: Gold and silver prices retreated from its overnight record highs at the bullion market on emergence of profit-selling by stockists and speculators amidst bearish overseas sentiment.
The precious metals' rich valuations after yesterday's gains prompted stockists and traders to book profits by simply offloading the metals, mirroring the slide in global markets, traders said.
Standard gold (99.5 per cent purity) declined by Rs 135 per 10 grams to end at Rs 20,370 from Wednesday's closing level of Rs 20,505.
Pure gold (99.9 per cent purity) lost Rs 140 per 10 grams to settle at Rs 20,470, as against Rs 20,610 yesterday.
Silver ready (.999 fineness) fell by Rs 170 per kg to finish at Rs 42,785 from previous closing level of Rs 42,955.
On the global front, gold generally traded weak ahead of U.S. Thanksgiving holiday amid strengthening dollar against the Euro.
In Europe, spot gold eased by USD 1.81 to USD 1,371.90 an ounce in early trade. While, silver fell to USD 27.43 an ounce from USD 27.55 late on Wednesday.
