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HindustanTimes Thu,18 Sep 2014

Gold, silver slump on sustained selling

PTI  Mumbai, March 26, 2014
First Published: 19:07 IST(26/3/2014) | Last Updated: 19:10 IST(26/3/2014)

Gold prices on Wednesday continued their southward journey for the fourth straight session on sustained profit selling from stockists and investors amidst lower retail demand despite mild recovery in overseas markets.

Silver, too, plunged on speculative unwinding coupled with absence of industrial off-take.

Standard gold (99.5 purity) dropped by Rs. 354 to quote at Rs. 28,660 per 10 grams at 1700 hrs from Tuesday's level of Rs. 29,014.

Pure gold (99.9 purity) fell by Rs. 349 to Rs. 28,813 per 10 grams as compared to Rs. 29,162 yesterday, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) tumbled by Rs. 845 to Rs. 43,500 per kg at 1700 hrs as against Rs. 44,345 previously.

Globally, gold steadied above one-month lows in early trade, but a firmer dollar, stronger equity markets and signs of a recovery in the US economy are likely to limit gains, while support from physical buying was also lacking.

In London, spot gold was up $ 1,314.60 an ounce in the morning trade and silver also rose to $ 20.05 an ounce.


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