Gold hits 10-month low, silver slips

Last Updated: Sat, Jun 07, 2014 11:28 hrs

Gold continued its weak momentum for the sixth straight session, hitting a fresh ten-month low in the domestic bullion market on  Saturday due to reduced offtake by stockists amid lack of local buying support.

Silver fell back after a brief overnight rebound on the back of weak industrial demand.

Standard gold (99.5 purity) dropped by Rs 70 to conclude at Rs 26,605 per 10 grams from Friday's closing level of Rs 26,675.

Pure gold (99.9 purity) also fell by the same margin to end at Rs 26,755 per 10 grams from Rs 26,825.

Silver (.999 fineness) slumped by Rs 215 to close at Rs 40,865 per kg as against Rs 41,080 yesterday.

Globally, the yellow metal settled down marginally lower following better-than-expected US jobs data, though European Central Bank decision to loosen policy cushioned the losses.

Gold for August delivery softened to settle at USD 1,252.50 an ounce on the comex division of NYMEX late yesterday, while silver July contract eased to USD 19.00 an ounce.

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