Silver prices dropped at the bullion market on Saturday

Silver prices dropped at the bullion market on Saturday on heavy speculative profit selling on the back of subdued industrial demand.

Gold, on the other hand, witnessed lacklustre trade and ended largely flat.

Silver ready (.999 fineness) fell by Rs 555 to close at Rs 56,315 per kg from overnight closing level of Rs 56,870.

Standard gold of 99.5 per cent purity gained marginally by Rs 5 to conclude at Rs 29,025 per 10 grams from Friday’s close of Rs 29,020.

Pure gold of 99.9 per cent purity finished unchanged at Rs 29,160 per 10 grams.

In New York, gold recovered modestly on safe haven tag ahead of eurozone summit amidst hopes of more central bankbacked stimulus measures.

Gold for February delivery rose USD 11.50 to USD 1,751.30 an ounce on the Comex division of the NYMEX late yesterday.

However, March silver turned lower by 7 cents to USD 32.69 an ounce.

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Posted by Silver Guru on Dec 3 2011. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry