Gold slips on stockists selling amid weak global cues

Last Updated: Sat, Aug 09, 2014 16:43 hrs

Gold prices retreated from one-month high, snapping three-session rally at the domestic bullion market here today.

Silver also fell back sharply owing to heavy speculative unwinding coupled with reduced industrial buying.

Standard gold (99.5 purity) shed Rs 190 to end at Rs 28,395 per 10 grams from overnight Rs 28,585.

Pure gold (99.9 purity) also dropped by same margin to conclude at Rs 28,545 per 10 grams compared to Rs 28,735.

Silver (.999 fineness) plunged by Rs 445 to finish at Rs 44,225 per kg against Friday's Rs 44,670.

Globally, the yellow metal lost some shine after its recent sharp spike amid investors' caution pressured by a smart rebound in US equities.

Gold for December delivery eased to settle at USD 1,311 an ounce on the Comex division of the NYMEX late yesterday, while silver softened to USD 19.94 an ounce.

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