Gold, silver skid on stockists selling
Gold prices slipped after previous five session rally at the domestic bullion market today following heavy unwinding from stockists and retail investors amidst bearish global cues. Silver also fell back owing to speculative selling, coupled with subdued industrial off—take. Standard gold (99.5 purity) dropped by ` 310 to close at ` 27,340 per 10 grams from Monday’s closing level of ` 27,650. Pure gold (99.9 purity) also dipped by a similar margin to end at ` 27,490 per 10 grams from ` 27,800.
Silver (.999 fineness) tanked by ` 365 to finish at ` 42,785 per kg as compared to ` 43,150 yesterday. Globally, gold moved down as investors withdrew money from the top bullion fund before a Federal Reserve meeting. Spot gold fell $1,266.00 an ounce, retreating from a three—week high of $1,284.85 yesterday, when turmoil in Iraq and Ukraine supported its safe haven appeal relative to higher—risk assets such as equities.
Silver remained unchanged at $19.60 an ounce.
Source: Hindu business line