Gold slips on subdued demand, silver drops

Mumbai, PTI | Updated : 05 March 2015, 06:08 PM

Gold prices slipped at the bullion market here today due to fresh bout of selling by stockist on the back of subdued local demand.

Silver dropped further following heavy unwinding by speculative traders.

Standard gold (99.5 purity) fell by Rs 90 to finish at Rs 26,530 per 10 grams from Wednesday’s closing level of Rs 26,620.

Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 26,680 per 10 grams as against Rs 26,770 previously.

Silver (.999 fineness) dipped by Rs 165 to end at Rs 37,120 per kg as compared to Rs 37,285 yesterday.

At overseas, gold steadied around US 1,200 an ounce in eartly trade after a three-day losing streak, as investors remained cautious ahead of a European Central Bank meeting set to give details on its massive bond-buying programme and the release of key US economic data.

In London, spot gold was trading up at USD 1,200.65 an ounce in early trade, while spot silver fell USD 16.16 an ounce.

First Published: Thursday, March 05, 2015 06:07 PM
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