Gold prices declined on the bullion market on October 24 because of mild offerings from stockists on the back of fall in overseas markets. Silver also went down on lack of demand from industrial users. Market men said adequate stocks position against sluggish local demand and reports of a weakening trend in global market mainly caused the decline in gold prices.
Trading activity was restricted in gold as some investors parked their funds into the surging equity market for quick profit. Standard gold (99.5 purity) dropped by Rs 35 per ten grams to Rs 9,720 from 9,755 previously. Pure gold (99.9 purity) also moved down by Rs 25 per ten grams to Rs 9,775.Silver ready (.999 fineness) fell by Rs 85 per kilo to Rs 18,245 from Rs 18,330. In the overseas market, Hongkong gold ended lower at $756.80/757.50 per ounce.
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