Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Lack of demand for silver from industrial users also weighed down the sentiment.
Silver completed five-day losing streak while gold stretched its bearish trend for the third successive day.
In New york, late-day liquidation sent gold and silver futures lower yesterday, with the selling accelerating in silver when the market went through its previous lows and fell to its weakest level in a month, a trader said.
Comex May silver fell 58.5 cents to USD 13.65.
April gold fell USD 7.40 to USD 665.10 an ounce on the Comex division of the New York Mercantile Exchange.
In Hongkong, gold ended lower at USD 662.10/662.90 per ounce as against USD 671.50/672.30 per ounce previously.
In the local market, silver ready (.999 fineness) dropped by a whopping Rs 570 per kilo to Rs 19,950 from Rs 20,520 previously.
Standard gold (99.5 purity) dipped by Rs 155 per ten grams to Rs 9,525 from Rs 9,680 and pure gold (99.9 purity) also slipped to Rs 9,575 from Rs 9,730.
Harvard students condemn Oxford University
Publish Date : 3/5/2007 7:11:00 AM
Two Harvard students, including an NRI, have condemned Oxford University, where they are Rhodes scholars, as "outdated" and "frustrating" and dismissed its world famous Bodleian library as "less than inspiring".
Indian embassy to outsource jobs to American firm
Publish Date : 3/5/2007 7:10:00 AM
After taking thousands of American jobs through outsourcing, India is planning to give a few back. The Indian embassy in the US capital is planning to outsource processing of visas to a US-based company.
Badal heads 18-member coalition ministry in Punjab(Final lead: Badal)
Publish Date : 3/3/2007 7:29:00 AM
Octogenarian leader of the Shiromani Akali Dal (SAD) Parkash Singh Badal, on Friday took oath as Punjab's new Chief Minister and will lead an 18-member SAD-Bharatiya Janata Party (BJP) coalition ministry.
Bareilly eunuch adopts a girl child
Publish Date : 3/3/2007 7:22:00 AM
It was a day of celebration for Saroj, a eunuch in Bareilly in Uttar Pradesh, as 'she' has become a 'mother' by adopting a baby girl.
Kalam offers prayer at Fatehpuri Masjid
Publish Date : 3/3/2007 7:16:00 AM
Keeping a promise made two years ago, President A P J Abdul Kalam today offered prayers at the historic Fatehpuri Masjid in Chandni Chowk here along with thousands of Muslims.
Union Budget directionless, says Modi
Publish Date : 3/1/2007 8:41:00 AM
Gujarat Chief Minister Narendra Modi today criticised the Union Budget by terming it as "directionless".
Centre allocates over Rs 100 crore for minority zones
Publish Date : 3/1/2007 8:38:00 AM
Unfazed by the BJP's criticism over its welfare schemes for Muslims, the Congress-led Central Government has allocated over Rs 100 crore for development programmes in select districts with a sizeable population of minorities.
Kins of political bigwigs fail to find voters' favour
Publish Date : 3/1/2007 8:27:00 AM
The assembly polls in Punjab turned out to be unkind for several kins of political bigwigs as voters rejected most of them barring some of Shiromani Akali Dal (SAD) supremo Parkash Singh Badal's near and dear ones.
High Court order on age of nursery admission tomorrow
Publish Date : 3/1/2007 8:24:00 AM
The Delhi High Court today observed that the city Government's submission that a child should be four-years-old to get admission in nursery class was contrary to the law.
Parliament session may be stormy tomorrow on Quattrocchi issue
Publish Date : 3/1/2007 8:18:00 AM
After the lull, it is going to be storm again in Parliament tomorrow.
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