Gold slides on sluggish demand amid global sell-off

Posted By: Staff
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Gold slides on sluggish demand amid global sell-off
Mumbai, Aug 22 (PTI) Gold continued its downtrend in the domestic bullion market here today due to reduced offtake from jewellery stockists and retailers induced by a sharp fall in overseas trade. Silver, on the other hand, regained some lost ground after its recent sharp plunge owing to renewed industrial buying. Standard gold (99.5 purity) fell by Rs 120 to end at Rs 27,695 per 10 grams from overnight level of Rs 27,815.

Pure gold (99.9 purity) also dropped by Rs 125 to finish at Rs 27,840 per 10 grams from Rs 27,965. Silver (.999 fineness), however, rose by 160 to conclude at Rs 43,275 per kg as compared to Thursday's close of Rs 43,115. On the global front, the shiny-metal tumbled back to two-month low following heavy unwinding by gold-ETFs weighed by stronger dollar after a flurry of upbeat US macro data alongside a surprisingly positive jobless claims data reiterated concerns that the Federal Reserve could raise interest rates earlier than expected. Gold for December delivery skidded by nearly USD 20, or 1.50 per cent, to settle at USD 1,275.40 an ounce on the Comex division of the NYMEX late yesterday, while silver eased to USD 19.42 an ounce.

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