Gold prices decline on subdued demand
Mumbai: Gold prices declined further at the domestic bullion market on Friday due to subdued offtake from stockists and traders, even as the metal strengthened overseas.
Elsewhere, silver too dropped by Rs425 per kg due to poor offtake by industrial units.
Standard gold (99.5 purity) dipped by Rs30 to end at Rs27,860 per 10 grams from Thursday’s closing level of Rs27,890. Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs28,010 per 10 grams against Rs28,040 earlier.
Silver (.999 fineness) slipped by Rs425 per kg to conclude at Rs36,490 as compared to Rs36,915 on Thursday.
Globally, gold prices held steady amid little change in the dollar ahead of key US economic data, but the metal remained on course for its first weekly gain in three.
Spot gold rose 0.1% to $1,218.18 per ounce at early trade. It was up 0.4% for the week so far, which would be its biggest weekly gain since early June.
Among other precious metals, silver prices remained unchanged at $15.66 per ounce.