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Gold slips further on soft demand, stronger rupee

Gold prices slipped further, extending losses for the fourth straight day due to subdued demand from stockists and retail investors despite positive overseas sentiment.

business Updated: Mar 07, 2014 20:07 IST

Gold prices slipped further, extending losses for the fourth straight day due to subdued demand from stockists and retail investors despite positive overseas sentiment.

Though festive and wedding-related offtake provided some support to yellow-metal from falling further, stronger rupee may further weaken the prices.

Silver also fell sharply on the back of heavy unwinding from traders amid poor industrial demand.

Standard gold (99.5 purity) moved down by Rs 10 to quote at Rs 30,270 per 10 grams at 5:00pm from Thursday's level of Rs 30,280.

Pure gold (99.9 purity) dropped Rs 60 to Rs 30,360 per 10 grams as against Rs 30,420 on Thursday, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) slumped by Rs 300 to Rs 46,650 per kg from Rs 46,950 previously.

Meanwhile, globally, the shiny-metal strengthened on a weak dollar as well as sluggish US factory data.

Gold for April delivery rose by $11.50 to settle at $1,351.80 an ounce on the Comex division of the NYMEX late on Thursday and May silver contract added 30 cents to settle at $21.57 an ounce.