Gold retreats from historic highs, silver also slips

Gold took a break from its record- breaking spree and slipped at the bullion market here today on fresh selling from stockists and investors at higher levels amid subdued global cues.

Silver also fell back on hectic speculative unwinding coupled with sluggish industrial off-take.

Standard gold (99.5 purity) shed Rs 165 to finish at Rs 30,130 per 10 grams from Tuesday’s closing level of of Rs 30,295.

Pure gold (99.9 purity) also went down by a similar margin to conclude at Rs 30,280 per 10 gm from Rs 30,445.

The yellow metal had gained Rs 1,010 per 10 gm, or 3.45 per cent, during its uninterrupted nine-session rally.

Silver ready (.999 fineness) slumped by Rs 440 per kg to close at Rs 55,090 as against Rs 55,530 yesterday.

“Domestic investors and local retailers preferred to take out some profits and stayed on the sidelines after recent surge,” bullion traders said.

They are waiting for outcome from the US Federal Reserve policy meet, which is likely to signal another round of monetary stimulus, the traders said.

Since gold is very sensitive to policy announcements, any disappointment can trigger a large-scale unwinding at the global level, they added.

On the global front, gold was trading almost steady at USD 1,616.39 an ounce in early trade, while silver was bid higher at USD 28.44 an ounce.

(curtsey: economic times)

Rupesh Yatesh Dalal
Head Research Department


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