Gold down on weak buying support, silver also slumps

PTI Posted online: Saturday, Mar 22, 2014 at 0000 hrs
Mumbai : Gold prices today moved down due to reduced buying here from stockists and retailers at the existing levels despite higher global cues.

Silver slumped by over Rs 1,000 per kg on heavy speculative sell-off coupled with reduced industrial off-take.

Standard gold (99.5 purity) fell by Rs 248 to quote at Rs 29,492 per 10 grams at 1400 hrs from Rs 29,740 yesterday.

Pure gold (99.9 purity) slipped by Rs 258 to Rs 29,662 per 10 grams from Rs 29,920 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) plunged by Rs 1,132 to Rs 44,368 per kg at 1400 hrs from the overnight level of Rs 45,500.

In the overseas market, gold futures finished slightly higher, recovering from a four-session losing streak on the back of weaker US dollar, but was still suffering from their worst weekly loss since November.

Gold for April delivery added USD 5.50 to settle at USD 1,336 an ounce on the Comex division of the New York Mercantile Exchange late yesterday, while May silver shed 12 cents to end at USD 20.31 an ounce.