Gold prices weakened further at the domestic bullion market here today due to subdued demand from jewellers and retailers on the back of sluggish overseas sentiments. Elsewhere, silver remained under intense selling for second consecutive day on frantic speculative unwinding. Standard gold (99.5 purity) fell by Rs 175 to close at Rs 26,500 per 10 grams from Thursday's level of Rs 26,675. Pure gold (99.9 purity) also declined by a similar margin of Rs 175 to finish at Rs 26,650 per 10 grams compared Rs 26,825 yesterday. Silver (.999 fineness) dropped by Rs 650 per kg to conclude at Rs 37,005 as against Rs 37,610 overnight. Globally, gold prices finished yesterday at their lowest levels in three weeks, a day after the Federal Open Market Committee left the door open to hiking interest rates at its December meeting. At NYMEX, gold for December dipped at USD 1,147.30 an ounce and silver futures also fell to USD 15.55 an ounce.
Gold, silver weaken on lacklustre demand, global uncertainty
Press Trust of India |