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Gold ends soft amid lacklustre demand


gold1Mumbai: Gold prices moved down marginally in listless trading in the domestic bullion market here owing to lack of buying support at existing levels amid weak undertone overseas.

Elsewhere, silver also declined further due to reduced industrial offtake.

Standard gold (99.5 purity) inched down by Rs 5 to settle at Rs 27,240 per 10 grams against overnight level of Rs 27,245.

Pure gold (99.9 purity) also eased by a similar margin to end at Rs 27,390 per 10 grams from Rs 27,395.

Silver (.999 fineness) fell by Rs 80 to finish at Rs 39,270 per kg compared to Rs 39,350 yesterday.

Globally, the yellow-metal declined after better-than-expected US consumer sentiment data dampened its safe-haven appeal, though ongoing concerns over global economic growth and a recovery in global equity markets gave the precious metal some support.

Gold for December delivery closed at USD 1,239.00 an ounce on the Comex division of the NYMEX late yesterday, while silver December contract settled at USD 17.33 an ounce.

Spot gold was bid lower at USD 1,237.80 an ounce.



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