Gold skids amid weak demand; silver tumbles today Thursday

Mumbai-India ( Jan 1)  Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.

Elsewhere, silver plunged sharply and closed below the key Rs. 37,000—mark on the back of heavy speculative unwinding.

Trading sentiments were also largely affected in the absence of any directional cues from the global markets in view of New Year holiday.

Standard gold (99.5 purity) dropped by Rs. 80 to finish at Rs. 26,640 per 10 grams from Wednesday’s level of Rs. 26,720.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs. 26,790 per 10 grams compared to Rs. 26,870.

Silver (.999 fineness) tumbled by Rs. 460 to settle at Rs. 36,735 per kg as against Rs. 37,195 yesterday.

In worldwide trade, the shiny metal closed below the significant $1,200—level in overnight Comex trade following funds selling amid investors’ caution.

Source:  TheHinduBusinessLine