Gold, silver slip on subdued demand, lower global cues

By: | Published: March 23, 2016 6:13 PM

Snapping its winning run, gold plunged by Rs 350 to Rs 28,360 per 10 grams at the bullion market today on reduced offtake from stockists and investors amid subdued local buying and weak global cues.

goldSnapping its winning run, gold plunged by Rs 350 to Rs 28,360 per 10 grams at the bullion market today on reduced offtake from stockists and investors amid subdued local buying and weak global cues. (Reuters)

Snapping its winning run, gold plunged by Rs 350 to Rs 28,360 per 10 grams at the bullion market today on reduced offtake from stockists and investors amid subdued local buying and weak global cues.

Elsewhere, silver also dropped following hectic speculative selling and lower industrial demand.

Standard gold (99.5 purity) plunged by Rs 350 to finish at Rs 28,360 per 10 grams from yesterday’s closing level of Rs 28,710.

Pure gold (99.9 purity) also fell to end at Rs 28,510 per 10 grams as compared to Rs 28,860 earlier.

Silver (.999 fineness) also dipped by Rs 535 per kg to finish at Rs 37,900 from Rs 38,435 yesterday.

Globally, spot gold fell more than one percent to its lowest in a week, as the dollar strengthened following hawkish comments by Federal Reserve officials about the US interest rate path.

Spot gold slipped 1.4 percent to the lowest since March 16 at USD 1,231.01 an ounce in earlier trade and was down 1.2 percent at USD 1,233.26 in early trade. Prices fell as investors booked profits ahead of the Easter break, which starts on Friday.

Silver fell 1.3 percent to USD 15.66 an ounce.

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