Gold, silver drop on profit-selling, global cues
Gold prices, once again succumbed to profit-selling from stockists after its overnight gain at the bullion market here today amidst subdued local buying interest at the prevailing higher levels also triggered by lower global cues.
Silver also witnessed intense speculative selling, reverting to 58k-per kg level.
Standard gold of 99.5 per cent purity declined by Rs 95 per 10 gm to close at Rs 30,240 from Thursday's closing level of Rs 30,335.
Pure gold of 99.9 per cent purity fell by Rs 100 per 10 gm to conclude at Rs 30,370 from Rs 30,470.
Silver ready (.999 fineness) dipped by Rs 750 to finish at Rs 58,320 per kg as compared to Rs 59,070 previously.
On the global front, gold slid on heavy profit-taking amid range bound trade on the back of investors optimism over US economic recovery.
In New York, gold for February delivery fell by USD 19.60 to USD 1,662 an ounce on the Comex division of the NYMEX late yesterday.
Silver for March contract declined 83 cents to USD 31.35 an ounce.
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