Gold, silver slip on reduced offtake
Mumbai : Gold prices slipped by Rs 210 per 10 grams at the bullion market, tracking a weak global trend amid subdued demand from jewellers and retailers.
Silver also declined following speculative selling and lacklustre industrial demand.
Standard gold (99.5 purity) dropped by Rs 210 to finish at Rs 25,795 per 10 grams from yesterday’s level of Rs 26,005.
Pure gold (99.9 purity) fell by similar margin of Rs 210 to close at Rs 25,945 per 10 grams compared to Rs 26,155 yesterday.
Silver (.999 fineness) also declined by Rs 280 per kg to conclude at Rs 33,735 as against Rs 34,015 earlier.
Globally, gold steadied after two days of losses, but remained under pressure as the dollar edged higher against a currency basket and a firmer tone to stock markets undermined the metal’s appeal as a haven from risk.
Spot gold was at USD 1,094.20 an ounce in early trade, little changed from late on Monday, while US gold futures for February delivery were down USD 1.80 an ounce at USD 1,094.40, while silver was flat USD 13.85 an ounce.