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Gold dips on weak global cues

MUMBAI: Fresh heavy stockists offerings prompted by weak global cues pulled down both gold and silver on the bullion market here on Saturday.

Gold and silver lost their sheen and nosedived after a recent smart rally as investors compelled to book profits to pare their losses due to steep fall in world equity markets.

In Mumbai, silver ready (.999 fineness) dropped by

Rs. 1,570 per kg to Rs. 18,960 from Friday’s close of Rs. 20,530.

Standard gold (99.5 purity) also fell by Rs. 685 per 10 grams to Rs. 13,420 from Rs. 14,105. Gold and silver plummeted in New York on Friday after Wall Street posted another big loss and forced investors to dump holdings in precious metals to raise badly needed cash. Gold for December delivery fell by $27.50 to settle at $859 an ounce on the New York Mercantile Exchange. — PTI

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