Gold declines on selling, silver recovers

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Gold declines on selling, silver recovers Gold declines on selling, silver recovers
SummaryGold prices dropped further at the domestic bullion market today.

Gold prices dropped further at the domestic bullion market today on continued selling from stockists and investors on the back of subdued buying interest at the existing levels despite positive overseas cues.

Silver, however, recovered modestly on good speculative offtake.

Standard gold of 99.5 per cent purity fell Rs 105 to close at Rs 30,445 per 10 gm from Thursday's closing level of Rs 30,550.

Pure gold of 99.9 per cent purity dipped by Rs 100 to end at Rs 30,585 per 10 gm from Rs 30,685.

However, silver ready (.999 fineness) rose by Rs 45 to finish at Rs 59,310 per kg as against Rs 59,265 yesterday.

At the global front, gold surged to one-month high on weak dollar and renewed safe haven appeal on the back of positive US job and housing data.

In New York, February gold climbed by USD 7.60 to USD 1,690.80 an ounce on the Comex division of the NYMEX late yesterday. March silver contract settled up by 27 cents to USD 31.81 an ounce.

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