Gold prices declined further in the bullion market here today on persistent selling by stockists and traders, sparked by a sharp fall overnight in New York. The precious metal, which scaled to a historic-high in yesterday's trade, tumbled on the back of heavy speculative selling.
Standard gold (99.5 purity) tanked by Rs 175 per ten grams to conclude at Rs 18,615 from Monday's closing level of Rs 18,790. Pure gold (99.9 purity) dropped by a similar margin to end at Rs 18,705 per ten grams against Rs 18,880 previously.
Silver ready (.999 fineness) slumped by Rs 485 per kilo to finish at Rs 29,855 from Rs 30,340 yesterday.
In New York, gold for August delivery lost USD 17.60 to USD 1,240.70 an ounce on the Comex division of the NYMEX. Silver for July delivery also ended lower at USD 18.80 an ounce.