Gold eases further on lower global cues

MUMBAI: Gold prices eased further on the bullion market for the second successive day on persistent offering by stockists on the back of negative trend in the overseas markets. Silver also moved down further on lack of buying interest from industrial users. Gold prices declined in New York yesterday ahead of the three-day weekend holidays following reducing of its appeal as safe asset on the back of boosting of interest in stocks. Gold for April delivery fell by USD 2.60 or 0.30 per cent to end at USD 882.20 an ounce on the New York Mercantile Exchange. Silver for May delivery was quoted at USD 12.33 an ounce. Turning to the local market, standard gold (99.5 purity) softened by Rs 5 per ten grams to Rs 14,300 from Rs 14,305 yesterday. Pure gold (99.9 purity) also moved down by Rs 10 per ten grams to Rs 14,360 from Rs 14,370. Silver ready (.999 fineness) slipped by Rs 20 per kilo to Rs 21,105 from Rs 21,125.