MUMBAI: Following its fall globally the precious yellow metal resumed sharply lower by Rs 275 per ten grams here at the bullion market on Tuesday.
Silver also declined sharply in line with gold prices. Silver ready (.999 fineness) opened lower at Rs 22,605 as against Rs 23,625 previously.
In New York, gold and other precious metals finished weaker on Monday in response to a slide in crude oil and other commodities, as well as end of quarter long liquidation, a trader said.
June gold fell by USD 15 to USD 921.50 an ounce on the Comex division of the New York Mercantile Exchange.
May silver fell by 63 cents to USD 17.31. Turning to the local market, standard gold (99.5 purity) dropped by Rs 275 per ten grams to Rs 11,850 from the previous closing level of Rs 12,125 and pure gold (99.9 purity) also fell to Rs 11,905 from Rs 12,185.