MUMBAI, July 1: Gold prices declined steeply by Rs 50 and 24-carat gold slumped below the Rs 4,500 mark to close at Rs 4480 on the bullion market today due to poor demand coupled with weak London advices.

Yesterday, 24-carat gold had closed at Rs 4530. This surpassed the previous lowest level of Rs 4485, quoted on February 25, 1994. Silver also dropped sharply on poor industrial demand coupled with weak overseas advices.

22-Carat gold was nominally quoted notably lower at Rs 4145 against the last close of Rs 4190. 10-tola gold bar of .999 purity faced brisk selling and lost Rs 600 to settle at Rs 52,400 from Rs 53,000 previously. Silver ready of .999 fineness dropped by Rs 50 and closed at Rs 6650 from Rs 6700, while raw silver of .916 also showed a similar fall and settled at Rs 6550 against the last close of Rs 6600. Tenderable silver followed suit and finished Rs 50 lower at Rs 6655 compared to Rs 6705 previously, according to trade sources.

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