Gold, silver prices tumble on lower global advices

24 Apr, 2008, 1920 hrs IST, PTI

Both the precious metals, gold and silver, tumbled on the bullion market on lack of demand at higher levels coupled with stockists' offerings due to fall in overseas markets.

Standard gold (99.5 purity) fell by Rs 155 per 10 grams to Rs 11,730 from Rs 11,885 previously.

Pure gold (99.9 purity) also finished lower by a similar margin to Rs 11,785 from Rs 11,940.

Silver ready (.999 fineness) slipped by Rs 520 per kilo to Rs 23,175 from Rs 23,695.

Precious metals complex suffered significant losses in New york on Wednesday as the US dollar gained and oil prices fell from record highs, a trader said.

The June gold fell by USD 16.20 to USD 909 an ounce on the Comex division of the New York Mercantile Exchange.

Nymex June crude oil was down 17 cents at USD 117.90 a barrel.

Gold investors have also been disappointed by a large physical offtake out of the world's largest gold exchange traded fund, a dealer added.

Comex July silver declined by 54.8 cents to settle at USD 17.276 an ounce.

Gold prices in Hong Kong ended lower at USD 898.30/ 899.00 per ounce as against USD 919.80/920.50 per ounce previously.