Monday, November 29, 1999

Gold retreats from record highs on profit booking

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Mumbai, May 15 (PTI) Gold prices retreated from their record highs at the bullion market here today due to fresh sell-off from stockists and speculators at higher levels amid lower New York advices. The yellow-metal made its fresh record high yesterday in domestic as well as in international markets as investors preferred to take shelter under this safe heaven asset, on lingering concerns over euro zone debt woes. Silver also declined on reduced demand from industrial users. Investors and speculators, who preferred to take out some profits at higher levels ahead of the weekend, led to the fall in prices, traders said. Standard gold (99.5 purity) slumped by Rs 110 per ten grams to close at Rs 18,215 from Friday''s close of Rs 18,325. Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 18,305 per ten grams from Rs 18,415 yesterday. Silver ready (.999 fineness) dropped by Rs 250 per kilo to finish at Rs 29,870 as against Rs 30,120. In New York, gold for June delivery declined by USD 1.40 an ounce to USD 1,227.80 on the Comex division of NYMEX. Silver for July delivery lost 27 cents to USD 19.22 an ounce.

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