Gold slips further on selling pressure

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Gold prices slumped further at the domestic bullion market on Saturday due to consistent selling by stockists as well as subdued investment offtake amid bearish overseas sentiment. Silver also plummeted on the back of heavy speculative unwinding coupled with lower industrial demand.
Standard gold of 99.5 per cent purity dropped by ` 260 to conclude at ` 30,000 per 10 gm from Friday’s closing level of ` 30,260.
Pure gold of 99.9 per cent purity shed ` 260 to end at ` 30,145 per 10 gm. Silver ready (.999 fineness) plunged by a hefty ` 1,320 to finish at ` 50,275 per kg from overnight close of ` 51,595. Globally, the shiny metal succumbed to massive profit-taking by hedge funds and investors, after its recent sharp upsurge following the Federal Reserve’s surprise decision to maintain its monetary stimulus intact. December gold dropped $36.80 to settle at $1,332.50 an ounce on the Comex division of the NYMEX late yesterday.
Silver December contract also fell $1.37 to $21.93 an ounce.
Source: Hindu business line.
Source:Bullion Bulletin

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