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Gold prices continue downtrend on demand slump

Mumbai: Precious gold remained under intense selling pressure for the fourth straight session on the domestic bullion market today due to subdued demand from jewellery stockists as well as lack of retail buying support.  Silver

PTI [ Updated: May 20, 2014 18:31 IST ]
gold prices continue downtrend on demand slump
gold prices continue downtrend on demand slump

Mumbai: Precious gold remained under intense selling pressure for the fourth straight session on the domestic bullion market today due to subdued demand from jewellery stockists as well as lack of retail buying support.  Silver also fell back after a overnight brief recovery following renewed speculative unwinding.  Standard gold (99.5 purity) slipped by Rs 185 to finish at Rs 28,605 per 10 grams from Monday's closing level of Rs 28,790.


Pure gold (99.9 purity) shed by Rs 175 to conclude at Rs 28,755 per 10 grams from Rs 28,930.  Silver (.999 fineness) slumped by Rs 280 to end at Rs 41,640 per kg as against Rs 41,920 yesterday.  On the global front, the yellow-metal are trading almost flat amid investors caution ahead of tomorrow's FOMC minutes release.

Spot gold was steady at USD 1,293.40 an ounce in early European trade.
 


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