Gold, silver decline further

Written by Agencies | Mumbai, March 29: | Updated: Mar 29 2008, 21:39pm hrs
Gold and silver prices dipped further for the second consecutive day on the bullion market due to sustained offerings from stockists on the back of weakness in global markets.

Standard gold (99.5 purity) dipped by Rs 185 per ten grams to Rs 12,040 from Rs 12,225 while pure gold (99.9 purity) fell to Rs 12,105 from Rs 12,280.

Silver ready (.999 fineness) slipped by Rs 405 per kg to Rs 23,415 from Rs 23,820 previously.

In New York, comex gold futures declined yesterday as participants booked profits due to fall in oil prices, a steady US dollar and signs of some relaxation in the US inflation, a dealer said.

June gold dropped by USD 17.50 to settle at USD 936.50 an ounce on the Comex division of the New York Mercantile Exchange. Comex May silver also shed 61 cents to settle at USD 17.94 an ounce.