Gold, silver slip on selling, global cues

Written by PTI | Mumbai | Updated: Jun 18 2014, 01:21am hrs
Gold pricesStandard gold dropped by Rs 310 to close at Rs 27,340. (PTI)
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 Rs 310 to close at Rs 27,340 per 10 grams from Monday's closing level of Rs 27,650.

Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 27,490 per 10 grams from Rs 27,800.

Silver (.999 fineness) tanked by Rs 365 to finish at Rs 42,785 per kg as compared to Rs 43,150 yesterday.

Globally, gold moved down as investors withdrew money from the top bullion fund before a Federal Reserve meeting.

Spot gold fell USD 1,266.00 an ounce, retreating from a three-week high of USD 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 USD 19.60 an ounce.