Gold takes pause from record-breaking run; silver also slips

Last Updated: Sat, Sep 15, 2012 10:55 hrs

New Delhi: Gold prices witnessed a sharp pullback from their lifetime highs at the bullion market here on fresh bouts of speculative profit taking coupled with subdued demand at higher levels.

The shiny metal had closed at a record high of Rs 32,200 per 10 gms in overnight trade.

Silver also fell sharply owing to aggressive sell-off from traders and speculators.

Standard gold (99.5 purity) dropped by Rs 215 to finish at Rs 31,985 per 10 gm from Friday's closing level of Rs 32,200.

Pure gold (99.9 purity) shed Rs 225 to end at Rs 32,130 per 10 gm from Rs 32,355.

Silver ready (.999 fineness) dropped 655 per kg to conclude at Rs 63,010 as compared to Rs 63,665 yesterday.

"Investors and local consumers, fearing the yellow metal may undergo a correction, refrained from going long and took some profit after the recent rally," traders commented.

In overseas trade, the yellow metal maintaining its bullish momentum and advanced modestly after surging over 2.2 per cent following unveiling of the much-awaited quantitative easing measures by the US Federal Reserve on Thursday.

Gold for December delivery gained just 60 cents to settle at USD 1,772.70 an ounce on the Comex division of the NYMEX late yesterday.

Silver for December contract moved down 12 cents to USD 34.66 an ounce.

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