Gold prices weakened further at the bullion market here today due to lack of local buying support amid reduced demand from stockists and jewellers.

Silver also slumped on heavy speculative selling coupled with lower industrial offtake.

Standard gold of 99.5 per cent purity fell Rs 40 to finish at Rs 26,150 per 10 gm from Friday’s closing level of Rs 26,190. Pure gold of 99.9 per cent purity moved down by Rs 45 to close at Rs 26,285 per 10 gm from Rs 26,330.

Silver ready (.999 fineness) dropped by Rs 385 to end at Rs 41,140 per kg from Rs 41,525 yesterday.

On the global front, the yellow metal plummeted by nearly $40 an ounce on heavy speculative sell-off after stronger-than-expected jobs data fuelled worries that that US Fed will start tapering its bullion-friendly stimulus measures.

Gold for August delivery lost $39.20 to settle at $1,212.70 an ounce on the Comex division of NYMEX late yesterday. September silver contract also dropped 96 cents to end at $18.74 an ounce.

(This article was published on July 6, 2013)
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