Precious Metals
D A I L Y B U Z Z
GOLD/SILVERGold prices drifted to hit its lowest levels in 1-1/2 month at the domestic bullion market here due to sluggish demand from jewellery stockists as well as poor local buying sentiment.On the other hand, silver moved up marginally on the back of stray industrial demand. Standard Gold (99.5 purity) declined by Rs 95 to end at Rs 26,625 per 10 grams from Wednesday's closing level of Rs 26,720. Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 26,775 per 10 grams compared to Rs 26,870. However, price of silver (.999 fineness) edged up by Rs 25 to settle at Rs 37,685 per kg as against Rs 37,660 previously. On the global front, the shiny-metal regained some lost ground on safe-haven demand amid continued uncertainty over Greece. Spot gold was bid higher at USD 1,211.45 an ounce in early European trade, while silver inched up to 16.42 an ounce. Gold was little changed on Friday as investors eyed talks over Greek debt, but the metal was headed for its fourth straight weekly dip as a last-minute deal was expected to break the impasse over the Mediterranean country's bailout programme. Gold prices had received some support from Chinese buying ahead of the holiday, when gold is bought for gift- giving. "If this fails to be the case, the complex would likely continue its slide lower."
