Gold and silver prices continue to decline

London (May 7)  Gold and silver extend their slide second consecutive week at the bullion market following protracted fall at the global-level.

The truncated week saw the yellow metal tumbling to the lowest level to over one-and-half month on Thursday in the absence of investors and stockist demand and poor local buying interest driven by subdued global trend.

Globally, the safe-haven demand for yellow metal withered reacting to French elections, and the Federal Reserve two-day meet brought further volatility, it aggravated on widely expected interest rates hike when it meets next month, the expectation of rate hike resulted dollar surge which weighed on gold.

Also, the domestic market witnessed slide in gold prices on lack of local buying interest amid expectation further fall, a local trader said.

Elsewhere, silver witnessed heavy speculative unwinding cracking below the 39K-level amid weak industrial demand.

The bullion market was remained closed on May 1st, on account of "MAHARASHTRA DAY".

In worldwide trade, the precious metal is down 3.2 per cent during the week, touching its lowest level in seven weeks on Thursday

 

Source: DNA