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Gold,silver price hit new lows on selling pressure,global trend

Gold is bogged down by lingering selling pressure due to falling global price levels.

Written by PTI | Mumbai | Published: April 4, 2013 8:57 pm

Gold prices slid further to hit ten- month low at the domestic bullion market today on persistent selling from stockists and traders amid weak local demand as well as subdued global trend.

Silver also continued its downtrend to retrace Rs 51,000 per kg level following sustained speculative selling.

“Gold is bogged down by lingering selling pressure due to falling global price levels,” dealers said.

Standard gold of 99.5 per cent purity dropped by Rs 210 per 10 gm to close at Rs 28,985 from Wednesday’s closing level of Rs 29,195.

Pure gold of 99.9 per cent purity also dipped by Rs 215 per 10 gm to end at Rs 29,120 per 10 gm from Rs 29,335.

Silver ready (.999 fineness) went down by Rs 130 to conclude at Rs 51,980 per kg from Rs 52,110 previously.

On the global front,gold slumped to ten-month low on strong dollar and investors’ cautiousness ahead of European Central Bank meeting.

In Europe,gold bid weak at USD 1,544.06 an ounce in early trade,while silver was steep lower at USD 26.65 an ounce.

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