Gold at fresh 10-month low of Rs 28,100 on increased selling

May 27, 2014

New Delhi-India (May 27)   Continuing its losing streak for the second straight day, gold prices on Tuesday fell by Rs 170 to trade at a fresh 10-month low of Rs 28,100 per ten gram in the national capital on increased selling by stockists.

Silver too fell for the third day and shed another Rs 50 to Rs 41,400 per kg on lack of buying support from industrial units and coin makers.

Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.

Silver Phoenix Twitter                 Silver Phoenix on Facebook