Gold dips marginally on poor off-take, silver slumps

Gold prices moved down marginally at the domestic bullion market today due to lack of local buying interest amid bearish global sentiment. Silver also fell, after two-session rally, on heavy unwinding from stockists and speculators.
Standard Gold of 99.5 per cent purity edged down by Rs.15 to conclude at Rs.26,430 per 10 gm from Wednesday’s closing level of` 26,445. Pure gold of 99.9 per cent purity also eased by a similar margin to settle at Rs.26,570 per 10 gm from Rs.26,585.
Silver ready (.999 fineness) dropped sharply by Rs.505 to end at Rs.44,410 per kg as against Rs.44,915 yesterday. On the global front, the shiny metal dropped on strong dollar after Fed Reserve Chairman Ben Bernanke’s remarks sparked worries over scale back in US monetary stimulus measures very soon if the economy continues to improve.
Gold for June delivery lost USD 10.20 to end at USD 1,370.10 an ounce on the Comex division of the NYMEX late yesterday, while silver July contract settled higher at USD 22.47 an ounce.

Source: Bullion Bulletin

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