Gold, silver continue their slide

Mar 07 2014, 01:49 IST
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Gold continued its decline in a listless trade today due to lack of buying support. Reuters Gold continued its decline in a listless trade today due to lack of buying support. Reuters
SummaryGold continued its decline in a listless trade today due to lack of buying support...

Gold continued its decline in a listless trade today due to lack of buying support from investors and speculators.

Silver also moved down owing to weak industrial demand. Standard gold (99.5 purity) fell by Rs 57 to quote at Rs 30,280 per 10 grams at 1700 hrs from Wednesday's level of Rs 30,337.

Pure gold (99.9 purity) also softened by Rs 8 to Rs 30,420 per 10 grams compared to Rs 30,428 yesterday, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) eased by Rs 10 to Rs 46,950 per kg at 1700 hrs from overnight level of Rs 46,960 yesterday. Meanwhile, globally, the shiny-metal gained modestly on the back of disappointing US macro-economic data amid bargain buying after recent fall.

Gold for April delivery edged up by USD 2.40 to settle at USD 1,340.30 an ounce on the Comex division of the NYMEX late yesterday and May silver contract up by 5 cents to settle at USD 21.27 an ounce.

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