Gold,silver prices slip on weak demand

Silver prices declined in the wake of subdued industrial demand.

Written by PTI | Mumbai | Published: June 11, 2013 8:41 pm

Gold prices moved down at the domestic bullion market today due to reduced stockist as well as investment buying amid bearish global sentiment.

Silver also declined in the wake of subdued industrial demand.

Standard gold of 99.5 per cent purity fell by Rs 50 to finish at Rs 27,710 per 10 gm from Monday’s closing level of Rs 27,760.

Pure gold of 99.9 per cent purity edged down by Rs 35 to close at Rs 27,855 per 10 gm from Rs 27,890.

Silver ready (.999 fineness) declined by Rs 130 to conclude at Rs 44,560 per kg,as compared to Rs 44,690 previously.

On the global front,the shiny metal shed more than one per cent on heightened worries that the Federal Reserve would end its bond-buying program sooner-than-expected following rating agency Standard and Poor’s decision to revise its U.S.

outlook to stable from negative on strengthening economy.

Spot gold was down at USD 1,372 an ounce in early European trade.

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