Gold slips after five day gains, silver slumps on global cues

By: | Published: September 26, 2016 6:43 PM

Silver extended its fall on sustained speculative selling to revisit the Rs 46,000-level on weak industrial demand.

Pure gold (99.9 purity) fell by a similar margin to conclude at Rs 31,535 per 10 grams as compared to Rs 31,570 previously. (Reuters)Pure gold (99.9 purity) fell by a similar margin to conclude at Rs 31,535 per 10 grams as compared to Rs 31,570 previously. (Reuters)

Gold prices slipped after a five day gains at the domestic bullion market here following reduced offtake from stockists and investors driven by a turnaround at the international markets.

Silver extended its fall on sustained speculative selling to revisit the Rs 46,000-level on weak industrial demand.

Standard gold (99.5 purity) dropped by Rs 35 to end at Rs 31,385 per 10 grams from last Friday’s closing level of Rs 31,420.

Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 31,535 per 10 grams as compared to Rs 31,570 previously.

Silver (.999 fineness) slumped by Rs 800 per kg to close at Rs 46,435 as against Rs 47,235 earlier.

Globally, gold retreated as last week’s rally ran out of steam, with focus switching to a US presidential debate later in the day which could prove a key pointer to the outcome of November’s election.

Spot gold was at USD 1,335.53 an ounce in early trade, down 0.1 per cent, while silver was 1.2 per cent lower at USD 19.42 an ounce.

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