Gold slips, silver too turns weak

Gold slips, silver too turns weak
Representational Photo

Mumbai: Halting its four-day winning run, gold today fell by Rs 65 per 10 gram at the bullion market here today due to weak retail demand, even as the metal strengthened overseas.

Silver also declined by Rs 290 per kg on reduced offtake by industrial units.

Standard gold (99.5 purity) declined by Rs 65 per 10 grams to finish at Rs 29,595, from its overnight closing level of Rs 29,660.

Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 29,745 per 10 gram compared to Rs 29,810 previously.

Silver (.999 fineness) fell by Rs 290 to finish at Rs 38,595 per kg from yesterday’s close of Rs 38,885.

Globally, Gold prices edged up, after touching their highest since September in the previous session, buoyed as a rally in equities appeared to falter.

Spot gold was up 0.1 per cent at USD 1,317.93 an ounce at early trade.

Among other precious metals, spot silver rose 0.2 per cent to USD 17.01 an ounce.