NEW DELHI: Continuing its slide for
the third straight day, gold price in
the bullion market on Saturday
slipped below the Rs 27,000 mark to
trade at Rs 26,950 per 10 grams, an
over 6-week low.
It fell Rs 50, tracking a weak trend
overseas. Besides, weak demand
from jewellers at domestic spot
markets due to off-season for
wedding played spoilsport.
Silver, too, shed Rs 50 at Rs 37,350
per kg for want of buying support
from industrial units.
Bullion traders attributed the
weakness in gold to a sluggish global
trend, where the yellow metal
slumped to an 11-week low after the
US economy added more jobs in May
than forecast, bolstering the case for
the US Fed to raise interest rates.
Gold in New York, which normally
sets the price trend on the domestic
front, fell 0.6 per cent to $1,168.10
an ounce and silver by 0.7 per cent
to $15.98 an ounce in Friday's trade.
In the national capital, gold of 99.9
per cent and 99.5 per cent purity
slid Rs 50 each to Rs 26,950 and Rs
26,800 per 10 grams, respectively, its
weakest level since April 17. The
precious metal had lost Rs 340 over
the past two days.
