Gold, silver decline on reduced demand

Gold, silver decline on reduced demand

Mumbai: Gold prices declined further at the domestic bullion market here today due to subdued demand from jewellery stockists and retailers.

Silver slipped owing to speculative selling coupled with reduced industrial offtake.

Standard gold (99.5 purity) fell by Rs 70 to end at Rs 27,270 per 10 grams from yesterday’s level of Rs 27,340.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 27,420 per 10 grams against Rs 27,490 earlier.

Silver (.999 fineness) dropped by Rs 385 per kg to conclude at Rs 39,265 compared to Rs 39,650 yesterday.

Globally, gold was trading steady as dollar slipped and market participants waited for US economic data due later in the day.

Spot gold was little changed at USD 1,131.17 an ounce in early trade, while US gold futures were down at USD 1,132.40 an ounce. Silver slipped 0.6 percent to USD 15.84 an ounce.