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Gargi Shah

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Mumbai March 3 In the midst of their northward journey in recent days, precious metal prices had an intermittent fall in the Indian market on cues from international market where long-liquidation was the theme.

In what traders described as global meltdown, precious metals lost values, triggered in part by the pressure of weak equity markets and profit booking.

Gold in the London spot market fell by over $20 at $640.80/oz while silver was quoted at $12.82/oz down 76 cents. US spot gold traded at $642.75/oz, down $21.70 on Friday.

The breach of the $660/oz mark in the international gold price led downward correction and a revision of the $700/oz target, said Mr Chirag Shah, bullion analyst, STCI commodities.

On Saturday, standard gold closed at Rs 9,290 for 10 gm, down Rs 235, while pure gold slipped by same margin to Rs 9,340.

Silver declined to 19,300 a kg, a fall of Rs 620.

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