Gold price drops on selling, silver firms up on sustained demand

Sep 02 2013, 21:02 IST
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SummaryGold price dropped at the domestic bullion market today on hectic selling from stockists and investors.

Gold price dropped at the domestic bullion market today on hectic selling from stockists and investors driven by extended fall in the global market. Silver firmed up on sustained speculative demand amid good industrial off-take.

Standard gold of 99.5 per cent purity fell by Rs 410 to close at Rs 31,540 per 10 gm from last Saturday's closing level of Rs 31,950.

Pure gold of 99.9 per cent purity dipped by Rs 435 to to finish at Rs 31,685 from Rs 32,120.

However, silver ready (.999 fineness) climbed by Rs 465 to conclude at Rs 55,575 per kg as against Rs 55,110 last weekend.

In overseas markets, gold eased in narrow trade amid US holding over its possible military action in Syria diminishing the safe haven appeal, though silver gained amid improved economic data from China.

In London, spot gold was bid down at USD 1,392.84 an ounce in early trade, while, silver was bid up at USD 24.10 an ounce.

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