Gold, silver prices fall on profit-selling, weak global cues

Written by PTI | Mumbai | Updated: Mar 20 2014, 01:00am hrs
Gold price, Gold RateStandard gold (99.5 purity) dropped by Rs 139 to Rs 30,031 per 10 grams at 1700 hrs from Rs 30,170 yesterday. Reuters
Gold prices extended losses on consistent selling by stockists and speculators amidst lack of local buying interest in view of weak global cues.

Silver also dipped owing to hectic speculative selling coupled with poor industrial support.

Standard gold (99.5 purity) dropped by Rs 139 to Rs 30,031 per 10 grams at 1700 hrs from Rs 30,170 yesterday.

Pure gold (99.9 purity) also slipped by Rs 149 to Rs 30,201 per 10 grams as compared to Rs 30,350 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) slumped by Rs 504 to Rs 46,056 per kg at 1700 hrs from overnight level of Rs 46,560.

Globally, gold fell for a third session today in the early trade, with the dollar and European shares steadying as the market focus cautiously shifted from political tensions in Ukraine to a policy decision by the Federal Reserve later in the day.

In London, Spot gold fell to USD 1,346.10 an ounce morning trade, and silver was also down at USD 21.72 an ounce.