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HindustanTimes Wed,22 Oct 2014

Gold advances on stray demand; silver slips

PTI  Mumbai, February 23, 2013
First Published: 16:32 IST(23/2/2013) | Last Updated: 16:40 IST(23/2/2013)

Gold prices advanced modestly at the domestic bullion market on Saturday on stray local buying support. In contrast, silver dropped owing to subdued demand from speculators and traders.

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Standard gold of 99.5% purity gained Rs. 15 to end at Rs. 29,335 per 10 gm from overnight closing level of Rs. 29,320.

Pure gold of 99.9% purity also rose by a similar margin to finish at Rs. 29,465 per 10 gm from Rs. 29,450 previously.

Silver ready (.999 fineness) shed Rs. 110 to conclude at Rs. 55,100 per kg from Friday's closing level of Rs. 55,210.

On the global front, gold slumped to its lowest level since July last on improving US economic outlook amid ongoing uncertainty over the central bank's bond buying programme.

Investors remained cautious and mostly on sidelines ahead of the Congressional testimony next Tuesday and Wednesday.

Gold for April delivery fell by $5.80 to settle at $1,572.80 an ounce on the Comex division of the NYMEX.

Silver for March contract declined to close at $28.46 an ounce.


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