silver prices today may 23 2011 drops, Gold rises on global rally

silver prices today may 23 2011 drops, Gold rises on global rally : Gold prices rose further at the domestic bullion market here today on consistent stockists as well as investment driven buying sparked by a sharp rally in global markets.

On the other hand, silver dropped on the back fresh offloading from speculators.
In overseas trade, gold rallied to its highest in nearly two weeks on concerns over Greece''s debt restructuring and the decision by ratings agency Fitch to cut its debt ratings by three notches, triggering last scale buying in metal.

Standard gold (99.5 purity) hardened by Rs 70 per 10 grams to close at Rs 22,235 from last Saturday''s closing level of Rs 22,165.
Pure gold (99.9 purity) also firmed up by Rs 75 per 10 grams to end at Rs 22,340 as compared to Rs 22,265 previously.

However, silver ready (.999 fineness) fell by Rs 150 per kg to concluded at Rs 53,660 from Rs 53,810 last weekend.

In Europe, spot gold was bid at USD 1,509.19 an ounce in early trade from USD 1,507.39 late in New York on Friday, while spot silver was bid at USD 34.75 an ounce as compared to USD 35.01 previously. Read silver prices today may 23 2011 drops, Gold rises on global rally


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