Gold, silver prices fall on selling

Mar 28 2014, 18:32 IST
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Standard gold (99.5 purity) dipped by another Rs 255 to quote at Rs 28,200 per 10 grams at 1700 hrs from Thursday's level of Rs 28,455. Reuters Standard gold (99.5 purity) dipped by another Rs 255 to quote at Rs 28,200 per 10 grams at 1700 hrs from Thursday's level of Rs 28,455. Reuters
SummaryGold prices continued their declining trend on sustained selling by stockists and speculators amidst lack of local buying interest.

Gold prices continued their declining trend on sustained selling by stockists and speculators amidst lack of local buying interest.

Silver also fell on heavy speculative selling coupled with poor industrial support.

Standard gold (99.5 purity) dipped by another Rs 255 to quote at Rs 28,200 per 10 grams at 1700 hrs from Thursday's level of Rs 28,455.

Pure gold (99.9 purity) also moved down by Rs 240 to Rs 28,360 per 10 grams as against Rs 28,600 yesterday, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) dropped by Rs 350 per kilo to Rs 42,250 at 1700hrs as compared to 42,600 previously.

Globally, gold edged up in early trade, but was near six- week lows and was on track for a second straight weekly losses as an improving US economic outlook lifted the dollar and bolstered appetite for risk.

In London, spot gold was up at USD 1,295.70 an ounce. It fell to USD 1,288.80, lowest since February 13, and was headed for a 3 per cent weekly fall. Silver gained to USD 19.74 an ounce.

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