Gold price softens in lacklustre trade; silver tumbles

Mumbai-India (Jun 14)  Gold prices declined modestly in listless trade at the domestic bullion market here on Saturday due to lack of demand from stockists as well as local buyers.

 While, intense sell-off persisted in silver for the fourth-consecutive day on the back of speculative unwinding.

 Standard gold (99.5 purity) eased by Rs 20 to settle at Rs 26,690 per 10 grams from overnight level of Rs 26,710.

Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 26,840 per 10 grams against Rs 26,860.

 Silver (.999 fineness) dropped by Rs 210 to conclude at Rs 37,490 per kg compared to Rs 37,280 yesterday.

 On the global front, the metal finished a tad lower amid investors caution ahead of the central bank's meeting next week despite increasing fears of a Greek default.

 Gold for August delivery inched down to $1,179.20 an ounce on the Comex division of the NYMEX late yesterday and silver July contract weakened to $15.825 an ounce.

Source TimesOfIndia