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Gold prices slipped after a two—day rally at the domestic bullion market here on subdued demand from jewellery stockists amid weak local buying support on the back of sluggish overseas sentiments.
Snapping its six—day rally, silver dropped due to heavy speculative unwinding coupled with lack of industrial offtake.
Standard gold (99.5 purity) declined by Rs 150 to conclude at Rs 27,480 per 10 grams from Monday’s closing level of Rs 27,630.
Pure gold (99.9 purity) also fell by a similar margin to close at Rs 27,630 per 10 grams from Rs 27,780.
Silver (.999 fineness) dipped by Rs 400 to finish at Rs 40,240 per kg as against Rs 40,640 yesterday.
On the global front, gold snapped a five—day rally in early trade as the dollar rose sharply versus the euro and European shares gained after the European Central Bank suggested it may speed up its 1 trillion euro bond—buying campaign.
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