Gold, silver prices slip on poor buying, weak global cues

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Mumbai | Published: November 10, 2014 8:29:53 PM

After a smart recovery over the weekend, gold prices slipped modestly at the domestic bullion market...

Standard gold (99.5 purity) eased by Rs 25 to end at Rs 25,925 per 10 grams from last Saturday's closing level of Rs 25,950. ReutersStandard gold (99.5 purity) eased by Rs 25 to end at Rs 25,925 per 10 grams from last Saturday’s closing level of Rs 25,950. Reuters

After a smart recovery over the weekend, gold prices slipped modestly at the domestic bullion market today on fresh bouts of profit-taking as well as lack of local buying support amidst bearish global cues.

Silver, too, retreated after a brief rebound on renewed speculative selling following weak industrial support.

Standard gold (99.5 purity) eased by Rs 25 to end at Rs 25,925 per 10 grams from last Saturday’s closing level of Rs 25,950.

Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 26,075 per 10 grams as against Rs 26,100 previously.

Silver (.999 fineness) dropped by Rs 390 to finish at Rs 36,110 per kg as compared to Rs 36,500 last weekend.

On the global front, gold dropped in early trade as a short-covering rally that boosted prices from 4-1/2-year lows lost steam, with buyers still wary that rising stock markets, upbeat US data and softening investment flows would spell further fall in the yellow metal.

Spot gold was down at USD 1,171.80 an ounce during the European morning trade, while silver, too, fell to USD 15.68 an ounce.

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