Constant stockists offerings on account of negative global advices, pulled down gold prices for the third successive day by another Rs 270 per ten grams to Rs 12,190 on the bullion market in Mumbai on Dec 6. Silver prices also dropped further on lack of industrial demand.Gold prices fell sharply as a bleak U.S. jobs report led to a higher dollar, triggering wholesale liquidation across the board from stocks to oil and commodities.
A US government report showed that employers reduced payrolls by 533,000 jobs in November, the most in 34 years and far more than expected Spot gold ended at $755.25 an ounce from Thursday''s close of $765.70 an ounce. Gold for February delivery dropped by $13.30 to settle at $752.20 an ounce on the New York Mercentile Exchange.March silver lost nine cents to $9.43 an ounce. In the local market, standard gold (99.5 purity) dropped by Rs 270 per ten grams to Rs 12,190 from Rs 12,460 previously.Pure gold (99.9 purity) also fell to Rs 12,250 from Rs 12,520.Silver ready (.999 fineness) moved down by Rs 110 per per kilo to Rs 16,525 from Rs 16,635.
A US government report showed that employers reduced payrolls by 533,000 jobs in November, the most in 34 years and far more than expected Spot gold ended at $755.25 an ounce from Thursday''s close of $765.70 an ounce. Gold for February delivery dropped by $13.30 to settle at $752.20 an ounce on the New York Mercentile Exchange.March silver lost nine cents to $9.43 an ounce. In the local market, standard gold (99.5 purity) dropped by Rs 270 per ten grams to Rs 12,190 from Rs 12,460 previously.Pure gold (99.9 purity) also fell to Rs 12,250 from Rs 12,520.Silver ready (.999 fineness) moved down by Rs 110 per per kilo to Rs 16,525 from Rs 16,635.
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