Gold, silver prices decline on global cues

Written by PTI | Mumbai | Updated: Apr 3 2014, 01:05am hrs
Gold prices declined further on sustained selling from stockists and investors amidst subdued retail offtake on the back of weak global cues today.

Silver slipped on hectic speculative unwinding coupled with lack of industrial demand.

Standard gold (99.5 purity) dropped by Rs 102 to quote at Rs 28,122 per 10 grams at 1700 hrs from Rs 28,224 on Tuesday, a bullion trading company said.

Pure gold (99.9 purity) also moved down by a similar margin of Rs 102 to Rs 28,272 per 10 grams as against Rs 28,374 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) also dipped by Rs 224 to Rs 42,884 per kg at 1700 hrs from overnight level of Rs 43,108.

Globally, gold extended its fall for the fifth-straight session, but stuck to a tight trading range, as traders looked to US economic data for clues on the demand outlook.

Gold for June delivery fell by USD 3.80 to settle at USD 1,280 on the comex division of the NYMEX late yesterday and May silver contract moved down to USD 19.69 an ounce.