Gold slumps on profit booking, silver gains

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Gold prices declined on profit taking at the bullion market here on Friday amid reduced off—take from stockists and investors on the back of subdued local buying interest at the higher levels.

Silver, however, edged up marginally on stray buying.

Standard gold (99.5 purity) dropped by Rs 240 to end at Rs 31,720 per 10 gm from Thursday’s closing level of Rs 31,960.

Pure gold (99.9 purity) dipped by Rs 245 to close at Rs 31,850 per 10 gm from Rs 32,095 previously.

However, silver ready (.999 fineness) moved up by Rs 15 per kg to conclude at Rs 63,065 as compared to Rs 63,050 yesterday.

In New York, gold ended moderately lower following stronger dollar amid concerns over weak macroeconomic data, including lower manufacturing reports of China and Europe.

Gold for December delivery declined $1.50 to $1,770.20 an ounce on the Comex division of the NYMEX late yesterday.

Silver for December contract advanced 9 cents to $34.68 an ounce.

(This article was published on September 21, 2012)
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