Gold price eases on reduced offtake, silver plunges

Apr 07 2014, 20:23 IST
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SummaryGold prices declined modestly today due to stockists selling amid lack of buying interest from retailers and investors.

Gold prices declined modestly today due to stockists selling amid lack of buying interest from retailers and investors.

Silver plunged sharply below the key Rs 43,000 per kg mark on the back of heavy unwinding by speculators and traders amid subdued industrial demand.

Standard gold (99.5 purity) fell by Rs 86 to Rs 28,489 per 10 gram at 1700 hours from last Saturday's level of Rs 28,575, a bullion trading firm said.

Pure gold (99.9 purity) also slipped by a similar margin to Rs 28,639 per 10 gram from Rs 28,725 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) tumbled by Rs 761 to Rs 42,977 per kg at 1700 hours from weekend value of Rs 43,738.

On the global front, shiny metal retreated from its important USD 1,300 an ounce level and trading weaker in early European trade amid investors caution ahead of Fed minutes for the March FOMC meeting on Wednesday.

Spot gold was bid lower at USD 1,299.70 an ounce and silver down at USD 19.83 an ounce.

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