Financials News

Gold, silver soften on muted demand

Gold, silver soften on muted demand

Mumbai: Gold prices eased by Rs 20 per 10 grams today owing to slackened demand from investors and stockists.

Elsewhere, silver almost ended flat owing to lower demand from consuming industries. Standard gold (99.5 purity) eased by Rs 20 to close at Rs 29,305 per 10 grams from Wednesday’s level of Rs 29,325.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 29,455 per 10 grams as against Rs 29,475 earlier. Silver (.999 fineness) went down by Rs 5 to conclude at Rs 43,255 per kg from Rs 43,260 previously.

Globally, gold was steady after the minutes of the latest Federal Reserve policy meeting further dampened expectations for an interest rate hike next month, lowering US bond yields and stalling upward momentum in the dollar. Spot gold was flat at USD 1,237.61 per ounce in early trade. In other precious metals, silver was down 0.3 percent to USD 17.97 an ounce.