Gold, silver slip on subdued demand

Last Updated: Sat, Jan 12, 2013 11:36 hrs

Gold prices fell at the domestic bullion market on Saturday due to poor demand from stockists amid sluggish local buying interest.

Silver also slumped on the back of heavy speculative unwinding.

Standard gold of 99.5 per cent purity slid by Rs 80 to conclude at Rs 30,430 per 10 grams from overnight closing level of Rs 30,510.

Pure gold of 99.9 per cent purity went down by Rs 65 to finish at Rs 30,580 per 10 grams from Rs 30,645.

Silver ready (.999 fineness) shed Rs 325 per kg to end at Rs 58,170 against Friday's close of Rs 58,495.

On the global front, the yellow metal dropped on heavy profit-taking, surrendering most of its previous session gains, impacted by higher-than-expected Chinese inflation number and stronger US dollar.

Gold for February delivery lost USD 17.40 an ounce to settle at USD 1,660.60 an ounce on the Comex division of the NYMEX late yesterday. Silver for March contract also shed 51 cents to end at USD 30.41 an ounce.

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