Gold price retreats from historic peak, silver also slips

Gold price

Precious gold failed to maintain its strong buying momentum at the domestic bullion market here today, dragged down by flat demand from stockists and traders at higher levels, a day after the yellow metal scaled a historic high.

The yellow metal had gained Rs 700 over the past four sessions, driven by buoyant wedding seasonal demand amid investors' off-take.

Silver also fell back modestly after hitting fresh 12-month high on the back of speculative profit-taking. Standard gold (99.5 purity) dropped by Rs 145 per 10 grams to finish at Rs 32,355 from Monday's closing level of Rs 32,500.

Pure gold (99.9 purity) also shed by Rs 140 per 10 grams to conclude at Rs 32,500 from Rs 32,640.

Silver ready (.999 fineness) dropped by Rs 220 per kg to end at Rs 64,130 as against Rs 64,350 yesterday.

On the global front, gold turned lower in London trade after scaling to six-week high on the back of strong dollar amid easing fears over Greece's potential exit from the Euro zone.

Spot gold was bid lower at USD 1,746.39 an ounce in early trade and silver was bid down at USD 34.02 an ounce.

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