Gold, silver hit new lows on selling pressure, global trend
Gold prices slid further to hit ten-month low at the domestic bullion market today on persistent selling from stockists and traders amid weak local demand as well as subdued global trend.business Updated: Apr 04, 2013 21:12 IST
Gold prices slid further to hit ten-month low at the domestic bullion market on Thursday on persistent selling from stockists and traders amid weak local demand as well as subdued global trend.
Silver also continued its downtrend to retrace Rs. 51,000 per kg level following sustained speculative selling.
"Gold is bogged down by lingering selling pressure due to falling global price levels," dealers said.
Standard gold of 99.5% purity dropped by Rs. 210 per 10 gm to close at Rs. 28,985 from Wednesday's closing level of Rs 29,195.
Pure gold of 99.9% purity also dipped by Rs. 215 per 10 gm to end at Rs. 29,120 per 10 gm from Rs. 29,335.
Silver ready (.999 fineness) went down by Rs. 130 to conclude at Rs 51,980 per kg from Rs. 52,110 previously.
On the global front, gold slumped to ten-month low on strong dollar and investors' cautiousness ahead of European Central Bank meeting.
In Europe, gold bid weak at $1,544.06 an ounce in early trade, while silver was steep lower at $26.65 an ounce.