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Rediff.com  » Business » Gold prices fall, silver tanks below Rs 42,000

Gold prices fall, silver tanks below Rs 42,000

May 17, 2014 16:35 IST

Gold prices fell further at the local bullion market on Saturday due to reduced off-take by stockists as well as lack of local buying support at the existing levels.

Silver also plunged below the key important Rs 42,000 per kg mark on heavy speculative unwinding amid sluggish industrial demand.

Standard gold (99.5 purity) slumped by Rs 140 to finish at Rs 29,020 per 10 grams from Friday's closing level of Rs 29,160.

Pure gold (99.9 purity) also lost by a similar margin to end at Rs 29,170 per 10 grams from Rs 29,310.

Silver (.999 fineness) dropped by Rs 200 to end at Rs 41,820 per kg as compared to Rs 42,020 yesterday.

Globally, the shiny metal ended marginally lower as upbeat US economic data damped the metal's safe-haven tag amid speculations that the Fed may raise interest rates earlier than expected.

Gold for June delivery softened to $1,293.40 an ounce on Comex division of the NYMEX late yesterday, while silver July contact eased to $19.33 an ounce. 

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