Mumbai:Gold prices dropped at the domestic bullion market on Thursday on subdued offtake from stockists and jewellers coupled with lack of local buying interests. Silver, however, held steady for the second day in the absence of any large scale buying activity.
Globally, gold prices rose as a rally in the US dollar showed signs of fatigue after the currency hit its highest in nearly 14 years against a basket of currencies the day before. Standard gold (99.5 purity) fell by Rs275 to close at Rs29,605 per 10 grams from Wednesday’s finish of Rs29,880.
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Pure gold (99.9 purity) also fell by a similar margin to settle at Rs29,755 per 10 grams as compared to Rs30,030 on Wednesday.
While, silver (.999 fineness) closed unchanged from its Wednesday’s level of Rs42,700 per kg. London spot gold was up 0.3% at $1,228.47 an ounce in early European trade, after dropping 0.25% in the previous session.
US gold futures rose 0.33% to $1,228.00 an ounce. Silver rose 0.36% to $17.03 an ounce.