Gold price & silver price skid on lacklustre demand

New Delhi-India (Jun 5)  Gold prices fell to nearly two month lows at the domestic bullion market here today on sustained selling by stockists and dull local buying interest also mainly driven by lower global markets.

Silver dipped owing to heavy speculative unwinding to reclaim the 37k—level amid subdued industrial offtake.

Standard gold (99.5 purity) slumped by Rs. 250 to close at Rs. 26,550 per 10 grams from Thursday’s closing level of Rs. 26,800.

Pure gold (99.9 purity) also plummeted by a similar margin of Rs. 250 per 10 grams to finish at Rs. 26,700 from Rs. 26,950.

Silver (.999 fineness) plunged by Rs. 850 to conclude at Rs. 37,590 per kg as compared Rs. 38,440 previously.

Globally, In Europe gold fell in early trade ahead of US employment data that could bolster prospects for an interest rate increase this year amid the precious metal heading for its third straight weekly slide.

In London, spot gold was lower by 0.1 per cent at $1,174.96 an ounce in early trade, however silver rose 0.2 per cent at $16.15 an ounce.

Source: TheHindu