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Gold remains weak; silver slumps below Rs 40k

stock, gold, Silver, business
April 24, 2018 88Views
 Gold remains weak; silver slumps below Rs 40k

Gold prices fell for the second straight session at the bullion market here today on weak offtake by stockists and muted local buying.

Silver too cracked below the Rs 40,000-mark by falling Rs 760 to Rs 39,270 per kg owing to continued speculative selling and lower industrial demand.

Standard gold (99.5 per cent purity) fell by Rs 80 to end at Rs 31,150 per 10 grams from Monday's close of Rs 31,230.

Pure gold (99.9 per cent purity) also slipped by the same amount to settle at Rs 31,300 per 10 grams against Rs 31,380 yesterday.

Silver (.999 fineness) dipped by Rs 760 per kg to Rs 39,270 compared to Rs 40,030 previously.

Globally, gold steadied after three days of losses as the dollar stabilised off an earlier three-month peak and a rise in US Treasury yields stalled, with lower prices tempting some buyers back to the market.

Spot gold was up 0.2 per cent at USD 1,326.91 an ounce at early trade.

Silver was up 1 per cent at USD 16.69 an ounce after falling over 3 per cent in the previous session.

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