Gold, silver drop on profit taking

Last Updated: Fri, Dec 06, 2013 14:18 hrs
​Gold ETFs

Gold prices fell at the domestic bullion market on Friday on profit taking by stockists and traders amidst subdued local buying interest at the existing higher levels.

Silver also slipped on speculative selling and reduced industrial offtake.

Standard gold (99.5 purity) dropped by Rs 325 to end at Rs 30,500 per 10 grams from Thursday's closing level of Rs 30,825.

Pure gold (99.9 purity) also slumped by a similar margin to close at Rs 30,650 per 10 grams from Rs 30,975.

Silver ready (.999 fineness) shed Rs 400 to finish at Rs 44,450 per kg as compared to Rs 44,850 previously.

In overseas markets, the yellow metal rose, regaining some ground after sharp losses yesterday, but was still on course for a weekly loss as investors focused on US employment data that might lead to the curbing of monetary stimulus by the American central bank.

In London, spot gold was bid higher at USD 1,229.75 an ounce in early trade and silver bid up at USD 19.50 per ounce.

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