MUMBAI, June 21: Gold prices dropped sharply on the bullion market in the absence of any fresh buying interest. Weak overseas advices also dampened the sentiment. As a result, standard gold dipped further to a record low of Rs 4605 per ten gram, as against the previous low level of Rs 4625 per ten gram quoted on June 13.

Elsewhere, silver declined on lack of industrial support.Standard gold dropped sharply by Rs 25 and closed at Rs 4605 from Rs 4630. 22-carat gold was also nominally quoted weak at Rs 4260 against the last close of Rs 4280 in sympathy. Ten tola gold bar of .999 purity lost Rs 350 and finished at Rs 53,850 from Rs 54,200.

Silver ready of .999 fineness eased by Rs 10 and ended at Rs 6760 compared to the last close of Rs 6770, while raw silver of .916 also dropped by a similar margin to close at Rs 6660 against Rs 6670 the previous day. Tenderable silver was weak at Rs 6765 compared to the last mark of Rs 6775.

Jewellery Show

MUMBAI -- The India International Jewellery Show - 1997 (IIJS'97), a mega industry event hosted every year by the Gem & Jewellery Export Promotion Council (GJEPC) will be held at the World Trade Centre from June 23 to June 30.IIJS '97 is being held in two phases: Phase I (June 23-25) is exclusively for international buyers while Phase II (June 27-30) is for all trade visitors, domestic as well as foreign.

Apart from 100 Indian Participants, foreign firms like Elite Jewels (Belgium), Thai Pink Company Ltd (Thailand), Sisma (Italy), China Export Bases Dev Sichuan Corp (Chaina), Neutec (USA), Schultheiss Automation Systmes (Germany) and other will also be participating. The World God Council (WGC) and Be Beers will also be putting up pavilions at the exbibition.

KEC Inter

MUMBAI -- KEC International has recently secured three large export order valued at Rs 660 crore for prestigious international power projects. The first one is for a 500 KV transmission line turnkey project in Indonesia, in joint venture with Rolls Royce valued at Rs 70 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.