Gold regains 27k-mark; silver plunges

Precious gold moved up marginally in a quiet trade and regained the important Rs.27,000 per 10 gm mark at the domestic bullion market on Tuesday on stray local buying interest. The yellow—metal witnessed heavy unwinding from speculators yesterday on the auspicious Akshaya Tritiya day, the biggest gold buying festival by falling a whopping Rs.390.
The industrial metal, silver, however, slumped on the back of heavy stockists selling amid subdued industrial demand. Standard gold of 99.5 per cent purity gained Rs.45 to settle at Rs.27,030 per 10 gm from Monday’s closing level of Rs.26,985.
Pure gold of 99.9 per cent purity also looked up by Rs.25 to close at Rs.27,155 per 10 gm from Rs.27,130. Silver ready (.999 fineness), however, tanked by Rs.505 to conclude at Rs.45,410 per kg as against Rs.45,915 previously.
Globally, gold trade continues to be lacklustre amid cautiousness following a surprise rise in US retail sales amid speculation about US Federal Reserve scaling back its stimulus measures earlier than expected.
In London, spot gold was trading low at $1,428.64 an ounce in early hours.

Source: Hindu business line.
Source: Bullion Bulletin

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