Gold drops in dull trade; silver slips

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Gold prices eased in listless trade at the domestic bullion market today on reduced off-take from stockists and traders as well as lack of local buying interest at the existing levels. Silver also declined owing to speculative selling. Standard Gold of 99.5 per cent purity moved down Rs 20 to close at Rs 30,260 per 10 gm from Thursday’s level of Rs 30,280.
Pure gold of 99.9 per cent purity went down by Rs 25 to finish at Rs 30,405 per 10 gm from Rs 30,430. Silver ready (.999 fineness) slipped by Rs 220 to conclude at Rs 51,595 per kg from Rs 51,815 yesterday. “Trading in gold was dull as global cues were also not supportive. Traders are resorting to a wait-and-watch approach,” dealers said.
At the overseas front, gold fell on investors profit taking as the rally after the Federal Reserve’s surprise decision to maintain monetary stimulus ran out of steam. In London, spot gold was bid lower at USD 1,357.71 an ounce in early trade, while spot silver bid down at USD 22.72 an ounce.
Source: Economictimes.Indiatimes
Source:Bullion Bulletin

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