Gold prices slide in Mumbai on global cues, muted demand
Standard gold (99.5 purity) dropped by Rs45 to close at Rs29,440 per 10 grams from Thursday’s level of Rs29,485 in Mumbai
Mumbai:Gold prices dipped by Rs45 to Rs29,440 per 10 grams at the bullion market in Mumbai on Friday, tracking a weak trend overseas amid easing demand from local jewellers.
Silver declined by Rs100 per kg on poor offtake by industrial units. Standard gold (99.5 purity) dropped by Rs45 to close at Rs29,440 per 10 grams from Thursday’s level of Rs29,485. Pure gold (99.9 purity) also dipped by the same amount to finish at Rs29,590 per 10 grams compared Rs29,635 Thursday.
Silver (.999 fineness) fell by Rs100 per kg to end at Rs39,335 as compared to Rs39,435 previously. Globally, gold prices dipped as some investors locked in profits at the end of the week, but there are expectations that the market could advance towards $1,300 next week.
Spot gold was down 0.3% at $1,287.21 per ounce in early trade. Among other precious metals, silver shed 0.1% to $17.04 an ounce.