Gold inches up on stray buying, silver slides

Notwithstanding extreme global bearishness, gold moved up marginally in a quiet trade at the domestic bullion market today on stray retail buying support coupled with good jewellery stockists’ off-take. However, silver remained under intense speculative selling pressure and lost further ground amid subdued industrial demand.
Standard gold (99.5 purity) gained by ` 10 to settle at ` 30,790 per 10 grams from overnight closing level of ` 30,780. Pure gold (99.9 purity) also looked up by a similar margin to end at ` 30,940 per 10 grams from ` 30,930.
Silver ready (.999 fineness), however, slumped by ` 280 to conclude at ` 49,500 per kilo from Friday’s finish of ` 49,780. On the global front, the shiny metal plummeted below the psychological $1,300 an ounce mark spooked by frantic hedge funds unwinding after stronger than expected US jobs report along with robust GDP output data, triggered speculation that the Federal Reserve could reduce stimulus before the end of the year.
Gold December contract plunged $23.90 to close at $1,284.60 an ounce on the Comex division of the NYMEX late yesterday. Silver December delivery also shed $34 cents to settle $21.32 an ounce.
Source:Bullion Bulletin

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