Gold, silver slip on subdued demand, global cues

 Source: PTI

Snapping its winning run, gold plunged by Rs.350 to Rs.28,360 per 10 grams at the bullion market on Wednesday on reduced offtake from stockists and investors amid subdued local buying and weak global cues. Elsewhere, silver also dropped following hectic speculative selling and lower industrial demand. Standard gold (99.5 purity) plunged by Rs.350 to finish at Rs.28,360 per 10 grams from Tuesday's closing level of Rs.28,710. Pure gold (99.9 purity) also fell to end at Rs.28,510 per 10 grams as compared to Rs.28,860 earlier. Silver (.999 fineness) also dipped by Rs.535 per kg to finish at Rs.37,900 from Rs.38,435 yesterday. Globally, spot gold fell more than 1% to its lowest in a week, as the dollar strengthened following hawkish comments by Federal Reserve officials about the US interest rate path. Spot gold slipped 1.4% to the lowest since March 16 at $1,231.01 an ounce in earlier trade and was down 1.2% at $1,233.26 in early trade. Prices fell as investors booked profits ahead of the Easter break, which starts on Friday. Silver fell 1.3% to $15.66 an ounce.  

March 23, 2016 | 06:50pm IST