Gold, Silver skid on weak global cues…

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Gold fell on profit—taking after a brief overnight recovery at the domestic bullion market here today on subdued demand from stockists and traders as well as weak local buying interest amid bearish global cues.

Silver also dropped owing to speculative selling and reduced industrial off—take.

Standard gold (99.5 purity) dropped by Rs. 185 to close at Rs. 26,630 per 10 grams from Tuesday’s level ofRs. 26,815. Pure gold (99.9 purity) also moved down by a similar margin to end at Rs. 26,780 per 10 grams from Rs.26,965.

Silver (.999 fineness) dipped by Rs. 290 to finish at Rs. 39,980 per kg as against Rs. 40,270 yesterday. On the global front, the yellow metal was down in early trade as the dollar’s rally took a pause and global political tensions intensified, but investors remained cautious ahead of US economic data later in the week.

Spot gold was down to $1,221.40 an ounce and silver also moved down to $17.67 an ounce in early European trade. Gold continued its downtrend at the domestic bullion market here today on reduced demand from retail consumers amid bearish global cues.

Traders attributed the dull demand for the yellow metal to the ongoing ‘shradh’, a period considered inauspicious by Hindus for making fresh purchases. Silver also slumped due to heavy speculative unwinding with subdued industrial off—take.

Standard gold (99.5 purity) fell by Rs. 100 to close at Rs. 26,400 per 10 grams from last Saturday’s level ofRs. 26,500. Pure gold (99.9 purity) also declined by a similar margin to conclude at Rs. 26,550 per 10 grams as compared to Rs. 26,650 previously.

Silver (.999 fineness) plunged by Rs. 830 to finish at Rs. 39,680 per kg as against Rs. 40,510 last weekend. On the global front, gold slid to its weakest since early January and silver to a four—year low in early trade as speculation that the Federal Reserve will start its rate— tightening cycle sooner than expected fuelled selling of precious metals.

Spot gold was down to $1,214.84 an ounce and spot silver hit its lowest since June 2010 at $17.30 an ounce in early European trade.

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