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This is an archive article published on July 11, 2012

Gold,silver prices extend fall on weak demand

Gold prices fell further at the domestic bullion market today on sustained profit-selling by investors and traders amid subdued jewellers offtake.

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Gold prices fell further at the domestic bullion market today on sustained profit-selling by investors and traders amid subdued jewellers offtake.

Silver also witnessed speculative offloading on the back of poor industrial demand.

“The yellow metal is observing an off-season track trade amid uneasy global scenario,” a trader said.

Standard gold (99.5 purity) slid by Rs 275 to close at Rs 29,200 per 10 grams from Tuesday’s closing level of Rs 29,475.

Pure gold (99.9 purity) dipped by a similar margin of Rs 275 to finish at Rs 29,325 per 10 grams from Rs 29,600.

Silver ready (.999 fineness) also dropped by Rs 540 per kg to conclude at Rs 52,670 from Rs 53,210 previously.

In New York,gold ended lower amidst listless trade on higher dollar as well as renewed worries about eurozone debt crisis.

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Gold for August delivery declined USD 9.30 to USD 1,579.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver slid 56 cents to USD 26.88 an ounce.

 

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