Mumbai: Gold prices ruled stable in a largely quiet trade at the domestic bullion market in Mumbai on muted jewellery and investors offtake as well as lack of local buying interest amid lower global cues.
Silver, too, held steady in the absence of any major buying activity. Withdrawal of high-denomination banknotes to curb black money and subsequent cash crunch amid IT surveys took a toll on gold trade, a dealer said.
Globally, gold eased in line with a firmer dollar, but found support at around $1,225 an ounce as a sharp rally in cyclical assets like stocks and copper following Donald Trump’s win in the US presidential election ran out of steam.
Standard gold (99.5% purity) closed at its overnight level of Rs29,880 per 10 grams. Pure gold (99.9% purity) also settled at its previous level of Rs30,030 per 10 grams.
Silver (.999 fineness) closed unchanged at Tuesday’s level of Rs42,700 per kg. London spot gold was down 0.1% at $1,226.20 an ounce in early European trade while US gold futures for December delivery were up $1.40 an ounce at $1,225.90. Silver was down 0.7% at $16.96 an ounce in the global market.