On Feb 24, gold prices broke its increasing trend and dropped slightly by Rs 40 per ten grams to Rs 15,705 on account of selling pressure from stockists in view of weak overseas advices. However, silver prices, went up amrginally on mild industrial demand.
According to the dealers, prices of gold affected by the lack of buying interest at higher levels coupled with lower global advices. On Feb 23, gold futures fell in New York on profit- taking after its recent rally that had sent prices above $1,000 an ounce. Gold for February ended down by $7.20 an ounce to $994.60 an ounce on the Comex Division of the New York Mercantile Exchange. Silver March delivery ended lower at $14.45 an ounce. Turning to the local market, standard gold (99.5 purity) fell by Rs 40 per ten grams to Rs 15,705 from the last weekend''s level of Rs 15,745. Pure gold (99.9 purity) also moved down to Rs 15,780 from Rs 15,810. However, silver ready (.999 fineness) edged up to Rs 23,235 per kilo from Rs 23,230 previously.
According to the dealers, prices of gold affected by the lack of buying interest at higher levels coupled with lower global advices. On Feb 23, gold futures fell in New York on profit- taking after its recent rally that had sent prices above $1,000 an ounce. Gold for February ended down by $7.20 an ounce to $994.60 an ounce on the Comex Division of the New York Mercantile Exchange. Silver March delivery ended lower at $14.45 an ounce. Turning to the local market, standard gold (99.5 purity) fell by Rs 40 per ten grams to Rs 15,705 from the last weekend''s level of Rs 15,745. Pure gold (99.9 purity) also moved down to Rs 15,780 from Rs 15,810. However, silver ready (.999 fineness) edged up to Rs 23,235 per kilo from Rs 23,230 previously.
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