Gold price stalls at 3-month high on seasonal support; silver drops

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Mumbai | Published: January 16, 2015 9:41:40 PM

Gold prices finished slightly weak today after retreating from its three-month high at bullion market...

Gold prices finished slightly weak today after retreating from its three-month high at bullion market here due to lack of buying interest at existing levels amid caution in the face of sharp global volatility.

Silver dropped sharply on the back of heavy speculative unwinding.

Standard gold (99.5 purity) softened by Rs 5 to end at Rs 27,465 from overnight closing level of Rs 27,470.

Pure gold (99.9 purity) also eased by a similar margin to settle at Rs 27,615 per 10 grams as compared to Rs 27,620 yesterday.

Silver (.999 fineness) slumped by Rs 370 to conclude at Rs 38,220 as against Rs 38,590 previously.

In worldwide trade, the yellow-metal maintained its strong momentum on safe-haven buying after the Swiss Central bank unexpected decision toabandon its efforts to keep its currency artificially cheap, triggering heightened volatility in global currency and financial markets.

Spot gold was substantially high at USD 1,262.20 an ounce in early European trading.

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