Gold prices dropped further at the domestic bullion market on Monday due to consistent off—loading by stockists and investors amid sluggish buying on the back of poor overseas sentiment.

Silver, too, remained under immense selling pressure and extended its slide for the third consecutive session.

Standard gold (99.5 purity) shed by Rs 230 per 10 gm to end at Rs 30,900 from last Saturday’s closing level of Rs 31,130.

Pure gold (99.9 purity) went down by Rs 235 per 10 gm to close at Rs 31,040 from Rs 31,275.

Silver ready (.999 fineness) declined by Rs 260 per kg to finish at Rs 60,250 as compared to Rs 60,510 last weekend.

On the global front, gold were trading modestly higher in European trade after rebounding from its weekend’s biggest one—day drop in more than three months on bargain hunting at low levels amid softening dollar valuation.

Spot gold was bid higher at $1,724.45 an ounce and silver up at $32.19 an ounce.

(This article was published on October 22, 2012)
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