Bullion Prices Dip On Heavy Selling Against Slack Demand

Both the precious metals drifted lower at the bullion market here yesterday on the eve of the new Hindu calendar Samvat year 2055 due to sustained selling pressure by stockists in view of weak overseas and upcountry advices.

Silver .999 and raw varieties declined by Rs 60 and Rs 70 to Rs 7,375 and Rs 7,250 per kg, respectively on slack demand even at lower levels due to the paucity of funds. Sellers were, however, keen to offer on better arrivals.

Gold biscuit tags fell sharply by Rs 300 to Rs 51,000 per ten tola while standard mint gold and 22 carat dropped by Rs 40 and Rs 60 to Rs 4,325 and Rs 3,980 per ten gram respectively due to lower seasonal demand from local buyers and the jewellery industry coupled with comfortable stocks.

The oilseeds, metals and sugar markets in Mumbai were closed yesterday for Diwali holidays.