Gold, silver tumble on reduced demand
Mumbai:- Gold extended its slide for the second straight day at the domestic bullion market here today as prices plunged Rs 430 per 10 grams following sustained selling by stockists and investors coupled with subdued local buying interest.
Silver too dipped for the third session owing to lack of industrial buying support.
Standard gold (99.5 purity) dropped by Rs 430 to end at Rs 30,915 per 10 grams from Thursday’s closing level of Rs 31,345.
Pure gold (99.9 purity) also moved down by a similar margin to Rs 31,055 per 10 grams as compared to Rs 31,495 earlier.
Silver (.999 fineness) dipped by Rs 600 to conclude at Rs 47,470 per kg as against Rs 48,070 previously.
Globally, gold edged higher on a lower dollar as investors waited for cues on the Federal Reserve’s next policy move.
Spot gold was up 0.1 per cent at USD 1,361.75 an ounce in early European trade.
Spot silver edged up 0.1 per cent to USD 20.30 an ounce.