Gold falls on selling, silver slumps

Last Updated: Tue, Apr 02, 2013 13:33 hrs

Gold prices fell at the domestic bullion market on Tuesday on sustained profit-selling from stockists and investors amid subdued retail demand on the back of lower global cues.

Silver continued its downtrend following consistent speculative unwinding amid absence of industrial demand.

Standard gold of 99.5 per cent purity dropped by Rs 105 per 10 gm to close at Rs 29,535 from Monday's closing level of Rs 29,640.

Pure gold of 99.9 per cent purity also dipped by a similar margin to conclude at Rs 29,675 per 10 gm from Rs 29,780.

Silver ready (.999 fineness) tanked by Rs 375 to end at Rs 53,400 per kg from Rs 53,775 previously.

In overseas, gold was trading sluggish following 'Easter break amid investors cautiousness ahead of European Central Bank (ECB) policy meeting and US payrolls data later in the week.

In Europe, spot gold was bid lower at USD 1,597.04 an ounce in early trade, and spot silver was also bid down at USD 27.98 an ounce.

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