Gold drifts on subdued demand, silver slips

MUMBAI: Gold prices declined for the third straight session, lower by Rs 75 to Rs 29,405 per 10 grams at the domestic bullion market here today due to sluggish demand at the existing levels as well as stockist selling amidst weak overseas trend.

On the other hand, silver slipped modestly owing to lower offtake from consuming industries.

Standard gold (99.5 purity) fell by Rs 75 to finish at Rs 29,405 per 10 grams from Wednesday’s close of Rs 29,480.

Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 29,555 per 10 grams compared to Rs 29,630 previously.

Silver (.999 fineness) moved down by Rs 20 to close at Rs 44,055 per kg as against Rs 44,075 earlier.

Globally, gold prices fell early today, pressurised by a stronger dollar on rising expectations of a US rate hike in March, but losses were muted as investors remained friendly to bullion as a hedge against global uncertainty and rising inflation.

Spot gold fell to USD 1,243.20 per ounce in early European trade and silver also declined to USD 18.30 an ounce.