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Updated: May 28, 2013 23:03 IST

Gold, silver slump on subdued demand

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Precious gold dropped further at the domestic bullion market in Mumbai on Tuesday due to reduced buying from stockists and jewellers amid poor retail demand at the existing levels.

The industrial metal, silver, also plunged on the back of heavy speculative selling as well as poor industrial support.

Standard gold of 99.5 per cent purity shed by Rs. 90 to finish at Rs. 26,390 per 10 gm from Monday’s closing level of Rs. 26,480.

Pure gold of 99.9 per cent purity slipped by Rs. 100 to conclude at Rs. 26,530 per 10 gm from Rs. 26,630.

Silver ready (.999 fineness) fell by Rs. 300 to end at Rs. 44,430 per kg compared to Rs. 44,730 on Monday.

In overseas trade, the shiny metal retreated on strong dollar as well as selling in bullion-backed exchange traded funds following US stimulus uncertainty.

Spot gold was down at USD 1,380.50 an ounce in early European trade.

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