Gold and silver prices fall on global cues

Aug 07 2013, 19:58 IST
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Pure gold of 99.9 pct purity declined by Rs 220 to finish at Rs 28,220 per 10 gm from Rs 28,440. Pure gold of 99.9 pct purity declined by Rs 220 to finish at Rs 28,220 per 10 gm from Rs 28,440.
SummaryPure gold of 99.9 pct purity declined by Rs 220 to finish at Rs 28,220 per 10 gm from Rs 28,440.

Gold prices continued their slide at the domestic bullion market on Wednesday on steady profit-selling by stockists and traders amidst subdued local demand on the back of bearish global cues.

Silver also fell on speculative sell-off to retrace Rs 41,000 per kg mark.

Standard gold of 99.5 per cent purity dropped by Rs 240 to close at Rs 28,065 per 10 gm from Tuesday's closing level of Rs 28,305.

Pure gold of 99.9 per cent purity declined by Rs 220 to finish at Rs 28,220 per 10 gm from Rs 28,440.

Silver ready (.999 fineness) slumped by Rs 795 to end at Rs 41,720 per kg from Rs 42,515 yesterday.

At the international level, gold fell to three-week low following comments from Federal Reserve official increased early contemplation of stimulus tapering.

The US Federal official late yesterday said that the central bank would probably trim its quantitative easing (QE) programme later this year and could do so as early as September, depending on economic data.

In London, spot gold bid down at USD 1,278.64 an ounce in early trade and silver bid lower at USD 19.31 an ounce.

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