Silver drops to 8-month low

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Gold prices bounced back on renewed stockists buying in view of positive global advices while silver dropped to a 8-month low on persistent offerings from stockists on the back of weak overseas cues on the bullion market.

In New York, gold prices ended a rollercoaster day slightly higher on Friday after soaring more than two per cent as weak US jobs data caused the dollar to retreat from 11-month high.

After the report, the US dollar slid against the euro for the first time in seven sessions, and gold advanced the session to its session peak at USD 819.30 an ounce.

Silver prices fell on Friday, as funds continued to liquidate their commodities holdings after another drop in oil prices.

Crude futures dropped to a five-month low after the Labor Department reproted a larger-than-expeced rise in the unemployment rate to 6.1 per cent, rising concerns about US fuel demand.

Spot silver dropped sharply to USD 12.19/12.27 an ounce in late New York dealings as against USD 12.74/12.80 an ounce previously.

In the domestic market, standard gold (99.9 purity) firmed up by Rs 95 per ten grams to Rs 11,700 from 11,605 yesterday and pure gold (99.9 purity) also jumped by a similar margin to Rs 11,765 from Rs 11,670.