Gold, silver extend slide on weak global cues, tepid demand
Continuing loses for the second straight session, gold prices plunged by Rs 275 to Rs 28,085 per ten grams at the bullion market today, tracking a weak trend overseas and low demand from jewellers.
Mumbai: Continuing loses for the second straight session, gold prices plunged by Rs 275 to Rs 28,085 per ten grams at the bullion market today, tracking a weak trend overseas and low demand from jewellers.
Silver too remained under pressure and declined by Rs 1,025 to end below Rs 37,000-mark at Rs 36,875 per kg due to reduced offtake by industrial units.
Standard gold (99.5 purity) slumped by Rs 275 to end at Rs 28,085 per 10 grams from last Wednesday's close of Rs 28,360.
Pure gold (99.9 purity) also shed by a similar margin to finish at Rs 28,235 per 10 grams as against Rs 28,510.
Silver (.999 fineness) slumped by a whopping Rs 1,025 per kg to close at Rs 36,875 from last Wednesday's level of Rs 37,900.
Globally, gold hit its lowest in a month today, as the dollar firmed ahead of new US Economic data and speeches by Federal Reserve officials that may signal more interest rate increases than anticipated.
Spot gold was down 0.1 percent at USD 1,214.86 an ounce in early trade, after touching a session low of USD 1,208.15, its cheapest since Feb. 23.
Liquidity was thin as London and many other gold markets were closed for the Easter Monday holiday.
While, spot silver gained 0.1 percent to USD 15.17 an ounce.