India gold slips from all time high

Gold fell from its overnight record highs following reduced buying by stockists and investors at the domestic bullion market amid lower overseas cues.

Silver slumped on speculative profit-taking by traders on the back of subdued industrial off take.

Standard gold (99.5 purity) declined by Rs 175 per 10 grams to end at Rs 28,965 from Wednesday’s close of Rs 29,140.

Pure gold (99.9 purity) also went down by a similar margin of Rs 175 per 10 grams to finish at Rs 29,095 compared to Rs 29,270 yesterday.

Silver ready (.999 fineness) tumbled by Rs 1,015 per kg to conclude at Rs 57,325 against Rs 58,340 previously.

In London, gold eased on investors nervousness to liquidate some of their position to cover the losses in other assets over continued worries over eurozone debt crisis.

Spot gold was slightly bid down at USD 1,755.75 an ounce in early trade and spot silver bid lower at USD 33.43 an ounce.  - PTI

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Posted by admin on Nov 17 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry