Mumbai: Gold prices declined at the bullion market on Thursday on emergence of fresh selling from stockists and jewellers amid bearish trend in European markets.
Silver also dropped owing to lack of demand from industrial users.
Standard gold (99.5 purity) fell by Rs50 per ten grams to close at Rs16,750 from Wednesday’s closing level of Rs16,800.
Pure gold (99.9 purity) also slipped by Rs50 per ten grams to Rs16,835 as against Rs16,885 previous day.
Silver ready (.999 fineness) finished lower by Rs75 per per kilo to conclude at Rs28,340 from Rs28,415.
In London, gold eased as dollar strengthened against basket currencies.
Spot gold was bid at $1,152.05 an ounce in early trade against $1,153.90 late in New York on Wednesday.
US gold futures for June delivery also lost $8.00 to $1,151.00 an ounce on the COMEX division of the NYMEX.
Silver was bid at $18.23 an ounce against $18.39.