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  1. Gold drops on subdued stockists demand; silver plunges

Gold drops on subdued stockists demand; silver plunges

Gold prices dropped further at the domestic bullion market today owing to...

By: | Mumbai | Published: November 14, 2014 9:50 PM
Spot gold was bid lower at USD 1,153.30 an ounce in early European trades. (Reuters)

Spot gold was bid lower at USD 1,153.30 an ounce in early European trades. (Reuters)

Gold prices dropped further at the domestic bullion market today owing to lacklustre buying activity amid overseas weakness.

Elsewhere, silver plunged sharply on the back of heavy speculative unwinding coupled with poor industrial buying support.

Standard gold (99.5 purity) fell by Rs 120 to finish at Rs 25,685 per 10 grams compared to Thursday’s level of Rs 25,805.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 25,835 per 10 grams from Rs 25,955.

Silver (.999 fineness) dropped sharply by a whopping Rs 705 to conclude at Rs 35,210 per kg against Rs 35,915 yesterday.

On the global front, the shiny metal plummeted nearly one per cent as strengthening dollar continued to weigh on demand for the safe-haven metal and also steady outflows from gold-backed funds.

Spot gold was bid lower at USD 1,153.30 an ounce in early European trades.

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