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Gold, silver slip on sustained selling, global cues

PTI 28 Jun 2012, 21:49:22 IST
Mumbai, Jun 28: Gold prices dropped further at the domestic bullion market today on sustained selling by stockists and investors on the back of subdued overseas cues.  Silver also moved down following mild speculative selling amidst thin trade.

Standard gold (99.5 purity) fell by Rs 90 to finish at Rs 29,840 per 10 grams from Wednesday's closing level of Rs 29,930.

Pure gold (99.9 purity) also slid by a similar margin to close at Rs 29,975 per 10 gm from Rs 30,065 yesterday.  Silver ready (.999 fineness) went down by Rs 30 per kg to end at Rs 53,580 as compared to Rs 53,610 previously.  In Europe, gold declined on cautiousness due to pessimism over the ongoing European Union summit's capacity to tackle the debt crisis.

Spot gold bid lower to USD 1,568.80 an ounce in early trade.