Gold down on weak buying support; silver also slips

Last Updated: Sat, Mar 23, 2013 12:49 hrs

Gold prices moved down on the domestic bullion market on Saturday due to reduced buying from stockists and retailers at the existing levels amid bearish overseas sentiment.

Silver also retreated below the Rs 55,000 per kg level on heavy speculative unwinding coupled with sluggish industrial demand.

Standard gold of 99.5 per cent purity fell by Rs 45 to conclude at Rs 29,690 per 10 gm from overnight closing level of Rs 29,735.

Pure gold of 99.9 per cent purity slipped by Rs 50 to end at Rs 29,825 per 10 gm from Rs 29,875.

Silver ready (.999 fineness) slumped by Rs 475 to finish at Rs 54,710 per kg from Friday's closing level of Rs 55,185.

Globally, the yellow metal pulled back from its one- month high on easing fears of an imminent financial turmoil in Cyprus and expectations of an early breakthrough in the island nation's bid to secure a bailout deal from the European Union.

In New York, gold for April delivery declined USD 7.70 to settle at USD 1,606.10 an ounce on the Comex division of the NYMEX late yesterday.

Silver for May contract shed 51 cents to settle at USD 28.70 an ounce.

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