Gold price claws back on stray demand; silver extends slide

May 11, 2014

Mumbai-India (May 11)  Gold prices gained marginally after a overnight steep fall at the domestic bullion market today on the back of stray retail buying support.

Silver, on the other hand dropped further due to sustained stockists selling coupled with reduced industrial offtake.

Standard gold (99.5 purity) looked up by Rs 5 to end at Rs 29,870 per 10 grams from overnight closing level of Rs 29,865.

Pure gold (99.9 purity) also added Rs 10 to settle at at Rs 30,020 per 10 grams from Rs 30,010.

However, silver (.999 fineness) slumped by Rs 165 to finish at Rs 42,590 per kg as against Rs 42,755 yesterday.

Globally, the yellow-metal remained under intense selling pressure following better-than-expected jobless data amid optimism about the US economy.

Gold for June delivery concluded at USD 1,287.70 an ounce on the Comex division of the NYMEX late yesterday, while silver eased to USD 19.14 an ounce.

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