Gold prices slip on reduced demand in Mumbai; silver plunges too
Mumbai: Gold declined for the third straight session at the domestic bullion market in Mumbai on Monday due to subdued offtake from stockists and traders, even as it strengthened overseas.
Silver too weakened by Rs390 per kg due to reduced offtake by industrial units. Standard gold (99.5 purity) declined by Rs25 to end at Rs29,115 per 10 grams from last Friday’s closing level of Rs29,140. Pure gold (99.9 purity) also moved down by a similar margin to end at Rs29,265 per 10 grams from Rs29,290.
Silver (.999 fineness) fell by Rs390 to conclude at Rs38,995 per kg as against Rs39,385 earlier. Globally, gold edged back above $1,270 an ounce as a steadier tone to the dollar and a drop in bond yields tempted some buyers back to the metal after its third straight weekly decline.
Spot gold was up 0.1% at $1,271.32 an ounce at early trade. Among other precious metals, silver was 0.5% higher at $16.88 an ounce.
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