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Gold declines on subdued demand, silver falls

Press Trust of India  |  Mumbai 

Gold declined further at the domestic bullion market here today due to subdued offtake from stockists and traders, even as the metal strengthened overseas.

Elsewhere, silver too dropped by Rs 425 per kg due to poor offtake by industrial units.


Standard gold (99.5 purity) dipped by Rs 30 to end at Rs 27,860 per 10 grams from Thursday's closing level of Rs 27,890.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 28,010 per 10 grams against Rs 28,040 earlier.

Silver (.999 fineness) slipped by Rs 425 per kg to conclude at Rs 36,490 as compared to Rs 36,915 yesterday.

Globally, gold prices held steady amid little change in the dollar ahead of key US economic data, but the metal remained on course for its first weekly gain in three.

Spot gold rose 0.1 per cent to USD 1,218.18 per ounce at early trade. It was up 0.4 per cent for the week so far, which would be its biggest weekly gain since early June.

Among other precious metals, silver prices remained unchanged at USD 15.66 per ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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