Gold and silver declined further in the bullion market here today on persistent stockists’ offerings on the back of weak global advices. Gold prices in New York ended their worst week in two months as a report showed single-family home construction sank to the slowest pace in 26 years, easing inflation concerns as the economy cools.
Gold futures for December delivery dropped by $16.80 to $787.70 an ounce on the comex division of the New York Mercantile Exchange. Silver futures for December delivery also declined by 30 cents to $9.335 an ounce. In the local market, standard gold (99.5 purity) moved down further by Rs 45 per 10 grams to Rs 12,585 from yesterday’s closing level of Rs 12,630.
Pure gold (99.9 purity) also slipped to Rs 12,640 from Rs 12,695. Silver ready (.999 fineness) finished lower by Rs 150 a kg to Rs 17,975 as against Rs 18,125 yesterday.