Gold, Silver Continue to Fall on Swiss Referendum

Business

oi-Sneha

By Sneha B K

Published: Monday, December 1, 2014, 15:17 [IST]

Gold continued to slide for a second day in a row, after voters on Sunday rejected a proposal for the Swiss National Bank to hold at least 20 per cent of its 520-billion-Franc balance sheet in gold.

In the referendum, 77 per cent of Swiss voters said no to a plan of the Swiss National Bank.

International gold slipped 2 per cent on Monday and silver slouched to its lowest since 2009 after Swiss voters rejected a proposal to boost central bank gold reserves.

Tracking weak overseas trend, gold futures on the Multi Commodity Exchange in India slipped by Rs 135 to Rs 25,659 per 10 grams at 3.05 pm IST. The Yellow metal touched an intra-day low of Rs 25,224 per 10 grams. Traders and speculators booked fresh positions amid weak trend. Check gold rates here.

Silver futures on the MCX, was seen trading at Rs 34,167 per kg lower by Rs 360. The commodity touched an intra-day low of Rs 32,626 per kgs. Check silver rates here.

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