Wednesday, May 30, 2012

Gold, Silver slips on Weaker Global Cues

Gold and Silver slips on bullion market today due to heavy selling backing weaker trend in global market. Gold dropped by 180 Rs to 29,470/10gm and Silver by 850 Rs to 53,900/kg due to poor demand. The reason for gold and silver tumbling after gold in international market dropped to one week low. Gold in global markets declined by 0.6 percent to one week low of 1,545.88 USD an ounce and Silver by one percent to 27.57 an ounce in Singapore. Also due to poor demand from industrial units and jewellers continues the downtrend in the precious metals. In MCX market gold of 99.9 percent dropped by 180 Rs. To 29470 and of 95.5 percent purity dropped to 29,330 per 10 gm.