Gold prices pulled back after a
sharp two-day advances in the bullion market here today due to
reduced demand from jewellery traders as well as modest profit
taking in the midst of lacklustre overseas sentiment.
Silver also moved down owing to poor offtake by
industrial units and coin makers.
Standard gold (99.5 purity) fell by Rs 55 to finish at
Rs 28,030 per 10 grams from Friday's level of Rs 28,085.
Pure gold (99.9 purity) edged down by Rs 50 to end at Rs
28,180 per 10 grams as compared to Rs 28,230 previously.
Silver (.999 fineness) eased by Rs 80 to conclude at Rs
45,520 per kg against Rs 45,600 yesterday.
On the global front, the shiny metal drifted further on
the back of investors' caution as safe-haven bets faded after
recent sharp surge against the backdrop on geopolitical
jitters and lack of physical follow-through buying.
Gold for August delivery slumped to settle at USD
1,309.40 an ounce on the Comex division of the NYMEX late
yesterday, while silver September contract softened to USD
20.89 an ounce.