BL: Gold slumps on profit-booking; silver too plunges
MUMBAI, SEP 7:
After scaling new lifetime peaks in the overnight trade, gold prices dropped on Friday on hectic profit taking from stockists and investors at the bullion market here amidst bearish trend in international market.
Silver also tumbled after five days of uninterrupted rally on heavy speculative off—loading from sellers.
Standard gold (99.5 purity) fell by Rs 350 to finish at Rs 31,350 per 10 gm from Thursday’s closing level of Rs 31,700.
Pure gold (99.9 purity) shed by Rs 355 to end at Rs 31,495 per 10 gm from Rs 31,850.
Silver ready (.999 fineness) plunged by Rs 1,470 per kg to conclude at Rs 61,105 from Rs 62,575 previously.
In Europe, gold fell from near six—month highs responding to European Central Bank (ECB) back—tracking from bond buying programme in its meeting.
Spot gold was bid lower at $1,695.76 an ounce in early trade. Silver was also bid down at $32.36 an ounce.
