Gold, silver tumble on reduced demand
Mumbai:- Gold extended its slide for the fourth straight day at the domestic bullion market here today as prices plunged Rs 295 per 10 grams following sustained selling by stockists and investors coupled with subdued local buying interest.
Silver cracked below the Rs 45,000-mark by falling Rs 450 per kg owing to lack of industrial buying support.
Standard gold (99.5 purity) dropped by Rs 295 to end at Rs 31,150 per 10 grams from Wednesday’s closing level of Rs 31,445.
Pure gold (99.9 purity) also moved down by a similar margin to Rs 31,300 per 10 grams as compared to Rs 31,595 earlier.
Silver (.999 fineness) dipped by Rs 450 to conclude at Rs 44,775 per kg as against Rs 45,225 previously.
Globally, gold edged off the previous day’s four-week low as the dollar retreated, but prices were range-bound ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy.
Spot gold was up 0.2 percent at USD 1,324.61 an ounce in early trade.
Silver was up 0.4 percent at USD 18.63 an ounce, after hitting an eight-week low of USD 18.46 earlier in the session.