ET: Gold nearly two-month low on stockists sell-off
MUMBAI: Gold prices dropped to its nearly two-month low of Rs 16,310 per ten grams at the bullion market here today on sustained selling by stockists and speculators triggered by a bearish trend in New York.
Silver too declined due to reduced offtake from consuming industries.
Standard gold (99.5 purity) dropped by Rs 65 per ten grams to close at Rs 16,310 from Wednesday's closing level of Rs 16,375.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 16,395 as against Rs 16,460 yesterday.
Silver ready (.999 fineness) moved down by Rs 75 per kilo to conclude at Rs 26,780 from Rs 26,855 previously.
In New York, gold futures dipped yesterday as the dollar strengthened against euro.
Gold for April delivery inched down by USD 14.90 or 1.4 per cent to close at USD 1,088.80 an ounce.
Silver for May delivery lost 38 cents or 2.3 per cent to end at USD 16.64 an ounce.
