Millennium Post

Gold slumps below Rs27k as demand falters

Gold slumps below  Rs27k as demand falters
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. 
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