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Gold slips on weak global cues, silver improves

Gold prices slipped further at the bullion market in Mumbai today due to sustained selling from stockists and jewellers amid weakening trend overseas.

business Updated: Jun 15, 2010 19:33 IST

Gold prices slipped further at the bullion market in Mumbai on Tuesday due to sustained selling from stockists and jewellers amid weakening trend overseas.

Lack of local buying interest at higher levels too influenced the trading sentiment to some extent, traders said.

Meanwhile, silver improved on fresh industrial demand supported by firm New York advices.

Standard gold (99.5 purity) declined by Rs 35 per ten grams to finish at Rs 18,580 from Monday's closing level of Rs 18,615.

Pure gold (99.9 purity) also looked down by a similar margin to settle at Rs 18,670 per ten grams as against Rs 18,705 previously.

However, silver ready (.999 fineness) moved up by Rs 40 per kilo to close at Rs 29,705 from Rs 29,665 on Monday.

In New York, gold for August delivery down by $5.70 to $1,224.50 an ounce on the COMEX division of the NYMEX.

Silver for July delivery gained 18 cents, or one per cent, to $18.41 an ounce.