Gold hits new high, silver drops

Mumbai, Sept 7: Standard gold prices moved up further to touch an all time high of Rs 28,660 at the domestic bullion market here on Tuesday amid buying interest though higher levels attracted profit booking later in the session.

Silver, however, dropped on heavy speculative selling amid subdued industrial off take. Standard gold (99.5 purity) which posted a new high in the morning trade at Rs 28,660 could not hold on to its gains.

Still, it finished the day at Rs 28,170, a new closing high for the yellow metal. It had closed on Monday at Rs 28,160.

Pure gold (99.9 purity), however softened to Rs 28,300 from Rs 28,305 yesterday but not before hitting a new high of Rs 28,800 intra-day.

Silver ready (.999 fineness) slumped by Rs 815 per kilo to conclude at Rs 64,580 from its overnight close of Rs 65,395.

In Europe, spot gold was bid at USD 1,891.60 an ounce in early trade, while silver was bid at USD 42.22 an ounce.

PTI