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Gold, silver slide on sustained selling, global cues

Jul 15 2014, 19:49 IST
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Standard gold (99.5 purity) dropped by Rs 145 to finish at Rs 28,035 per 10 grams from Monday's closing level of Rs 28,180 Standard gold (99.5 purity) dropped by Rs 145 to finish at Rs 28,035 per 10 grams from Monday's closing level of Rs 28,180
SummaryGold price continued its downtrend at the bullion market here today on sustained selling...

Gold price continued its downtrend at the bullion market here today on sustained selling by stockists and investors amidst subdued local demand due to weak global cues.

Silver extended its slide for the fourth straight session following off-loading by stockists as well as reduced industrial off-take.

Standard gold (99.5 purity) dropped by Rs 145 to finish at Rs 28,035 per 10 grams from Monday's closing level of Rs 28,180.

Pure gold (99.9 purity), too, fell by a similar margin to settle at Rs 28,180 per 10 grams from Rs 28,325.

Silver (.999 fineness) declined by Rs 270 to close at Rs 45,610 per kg as against Rs 45,880 yesterday.

In New York, gold saw their biggest daily drop yesterday as solid gains for stocks and lacklustre physical demand for the precious metal prompted investors to book profits on recent gains.

Gold for August plunged 2.3 per cent to USD 1,306.70 an ounce on the Comex division of the NYMEX late yesterday and silver moved down 2.6 per cent to USD 20.91 an ounce.

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