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Gold slips for 2nd day on stockists selling

Press Trust of India  |  Mumbai 

Gold prices slipped for the second straight day at the bullion market here due to sustained selling by stockists and jewellery traders amid bearish global cues.

While, silver recovered marginally owing to stray industrial buying support.

Standard gold (99.5 purity) fell by Rs 130 to end at Rs 28,775 per 10 grams from Tuesday's level of Rs 28,905.

Pure gold (99.9 purity) also eased by a similar margin to close at Rs 28,925 per 10 grams against Rs 29,055, previously.

However, silver (.999 fineness) rose by Rs 35 per kg to finish at Rs 41,465 as compared to Rs 41,430 yesterday.

Globally, gold was barely changed, but some analysts say there is scope for further downside after bullion endured its worst month of losses since June 2013.

Spot gold on Wednesday was down 0.1 per cent at USD 1,187.67 an ounce in early European trade. US gold futures fell 0.1 percent to USD 1,186.70.

Silver rose 0.4 percent to USD 16.66 an ounce.

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

First Published: Wed, November 30 2016. 18:48 IST