Gold,silver slump on subdued demand,weak global sentiment

Silver plunged on back of heavy speculative selling as well as poor industrial support.

Written by Press Trust Of India | Mumbai | Published:May 28, 2013 7:11 pm

Precious gold dropped further at the domestic bullion market here today due to reduced buying from stockists and jewellers amid poor retail demand at the existing levels.

The industrial metal,silver also plunged on the back of heavy speculative selling as well as poor industrial support.

Standard gold of 99.5 per cent purity shed by Rs 90 to finish at Rs 26,390 per 10 gm from Monday’s closing level of Rs 26,480.

Pure gold of 99.9 per cent purity slipped by Rs 100 to conclude at Rs 26,530 per 10 gm from Rs 26,630.

Silver ready (.999 fineness) fell by Rs 300 to end at Rs 44,430 per kg compared to Rs 44,730 yesterday.

In overseas trade,the shiny metal retreated on strong dollar as well as selling in bullion-backed exchange traded funds following US stimulus uncertainty.

Spot gold was down at USD 1,380.50 an ounce in early European trade. PTI EDM NP RAH 05281831

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