Gold prices turn weak; silver stable in Mumbai
Mumbai: Gold prices dropped further at the domestic bullion market in Mumbai on Friday on subdued offtake from stockists and jewellers coupled with lack of local buying interests.
Silver, however, held steady in the absence of any large-scale buying activity. Standard gold (99.5 purity) fell by Rs55 to close at Rs29,140 per 10 gram from Thursday’s finish of Rs29,195. Pure gold (99.9 purity) also fell by a similar margin to settle at Rs29,290 per 10 grams as compared to Rs29,345 on Thursday.
While, silver (.999 fineness) closed unchanged from its Thursday’s level of Rs39,385 per kg. Globally, gold prices traded in a narrow range, below the previous session’s high, as the dollar steadied amid caution ahead of US jobs data later in the day.
Spot gold was mostly unchanged at $1,275.82 per ounce at early trade, and was on track for its first weekly gain in three. In other precious metals, spot silver inched 0.1% lower to $17.09 an ounce.