Gold dips modestly in dull trade, silver slips further
Gold prices fell further at the bullion market in Mumbai today in listless trade amid weak demand from investors and traders despite a recovery at global level.business Updated: Apr 24, 2013 19:25 IST
Gold prices fell further at the bullion market in Mumbai on Wednesday in listless trade amid weak demand from investors and traders despite a recovery at global level.
Silver maintained its falling trend on consistent speculative profit-taking and dropped below the Rs 45,000 per kg mark.
Standard gold of 99.5% purity eased by Rs 60 to close at Rs 26,570 per 10 gms from Tuesday's closing level of Rs 26,630.
Pure gold of 99.9% purity went down by Rs 55 to end at Rs 26,710 per 10 gms from Rs 26,765.
Silver ready (.999 fineness) dropped by Rs 550 to conclude at Rs 44,600 per kg from Rs 45,150 previously.
"The trading was dull due to religious holiday and also because global uncertainty continues to weigh on the sentiment," dealers said.
In overseas market, gold rose on good physical demand following previous session drop and support from weak German data, which kindled hopes that European Central Bank (ECB) could cut interest rates.
But investor confidence was still shaky after recent tumble as well as sustained outflows from exchange-traded funds.
In Europe, spot gold was bid up at USD 1,421.81 an ounce in early trade, while silver was bid higher at USD 22.97 an ounce.