Gold Drops Further by 350, Silver Sheds 800


New Delhi: Gold and silver extended their losses in the bullion market here today on sustained selling by stockists, triggered by a steep fall in global markets. Gold fell below the 28,000-level by losing 350 to 27,840 per 10 grams. The metal had lost Rs 350 in the previous session. Silver shed 800 to 64,200 per kg after declining by 1,300 yesterday. Market analysts said profit-booking by stockists at prevailing high levels, driven by reports of a steep fall in global markets, mainly pulled down gold and silver prices. In addition, sluggish demand at existing levels dampened the trading sentiment to some extent, they said. Gold prices in New York recorded a steep fall of $68 to $1,830.10 ounce last night. Silver also shed 4.21 per cent to $41.88 an ounce. On the domestic front, gold of 99.9 percent and 99.5 percent purity plunged by 350 each to 27,840 and 27,690 per 10 grams, respectively. Sovereigns continued to be traded at the previous level of Rs 22,500 per piece of eight grams. Similarly, silver ready fell by 800 to 64,200 per kg and weekly-based delivery lost 985 to Rs 63,615 per kg. Silver coins followed suit and tumbled by 1,000 to 71,000 for buying and 72,000 for selling of 100 pieces.