Gold,silver slump on global cues,sluggish demand

Gold prices slipped at the domestic bullion market after a three-session upsurge.

Written by Agencies | Mumbai | Published: March 13, 2012 9:22:02 pm

Gold prices slipped at the domestic bullion market here today after a three-session upsurge on emergence of fresh profit-taking by stockists and investors amid reduced jewellery offtake following weak global cues.

Silver prices dropped further owing to subdued speculative activity as well as lower industrial support.

Standard gold of 99.5 per cent purity slid by Rs 150 to finish at Rs 27,720 per 10 grams from Monday’s closing level of Rs 27,870.

Pure gold of 99.9 per cent purity also lost by a similar margin to conclude at Rs 27,850 per 10 grams from Rs 28,000. Silver ready (.999 fineness) shed by Rs 400 per kg to close at Rs 57,830 as compared to Rs 58,230 yesterday.

In Europe,gold fell below the USD 1,700 an ounce mark as speculators turned bit cautious ahead of U.S. monetary policy meet later today amid firming dollar.

Spot gold was bid at USD 1,694.79 an ounce in early trade and silver was down at USD 33.52 an ounce.

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