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News // Metal market

Gold, silver continue to decline

09 September 2008 , 13:09726
Gold and silver declined for the third day in a row on the bullion market here today on persistent offerings by stockists on the back of weak global cues. Standard gold (99.5 purity) dropped further by Rs 105 per ten grams to Rs 11,605 from Rs 11,710 yesterday and pure gold (99.9 purity) fell by Rs 100 per ten grams to Rs 11,670 from Rs 11,770.

Silver ready (.999 fineness) dipped by Rs 315 per kilo to Rs 20,210 from Rs 20,525 yesterday.

Gold prices eased in London as a strong dollar and weak oil prices pinned the yellow metal under USD 800 an ounce, although strong physical buying supported prices. Gold is often bought as an alternative asset to the dollar when the US currency is weak.

Gold was also pressured by rising risk aversion, which pushed world stocks to their lowest in more than two years as fears about the slowing global economy intensified. Gold prices extended their losses for a fourth session in New York on Thursday as the dollar pushed higher against the Euro, prompting traders to pull money out of precious metals and other commodities.

Silver also declined moderately.

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