Standard gold nose-dived by Rs 60 at Rs 4,270 per 10 gm, so was gold .22 carat at Rs 3,950 per 10 gm in sympathy. Prices of gold biscuit (116.50 gm) crashed by Rs 600 at Rs 50,000 per piece. Demand resistance by seasonal buyers kept the rally while continued local supplies and weak global advices triggered selling pressure in the local market. In the international market gold dropped by $4 at $262.50 per troy ounce following news of lower than expected response to auction of 25 tonne of gold carried out by Bank of England in Britain, according to a bullion dealer here. Meanwhile, silver .999 declined by Rs 40 at Rs 7,405 per kg. Silver .916 was down by Rs 30 at Rs 7,300 per kg. Industrial buying was sluggish while traders reported fresh inflow of 400/450 kg of raw silver in the local market during the day. Sharp setback in gold prices also weakened the sentiment for silver despite steady global advices. Silver prices in the overseas market however remain quiet at $4.44 per troy ounce.

Oil & oilseeds: Groundnut oil eased further on the oil and oilseeds market here on Thursday. Other edible oils lead by imported palm oil also closed lower following slide in dollar value and bearish global advices. Groundnut oil reacted from Rs 330 to Rs 325 per 10 kg amidst thin buying interest. In Rajkot, prices fell from Rs 535 to Rs 530 per 15 kg. Imported palm oil declined by Rs 3 at Rs 244 per 10 kg. In the global market palm oil placed lower from $247.50 to $245 per tonne while deliveries were available at $250/252.50 per tonne.

Castor oil ruled quiet at Rs.269/291 per 10 kg so was castorseed ready at Rs.1,195 per quintal on scattered overseas enquiries.

In the futures section castorseed April delivery placed steady at Rs 1,175 per quintal. Newly opened June delivery commenced at Rs 1,221 but reacted thereafter to Rs 1,210 before settling at Rs 1,219 per quintal. Castorseed April delivery closed a rupee lower at Rs 286 per 10 kg.

In Gujarat, castorseed April delivery quoted lower at Rs 1,145 before concluding at Rs 1,152 per quintal while spot prices remain subdued as traders reported castorseed arrivals of 40,000/42,000 bags in Gujarat.