Gold prices ease on low buying, silver drops
Gold prices slipped at the domestic bullion market on lower offtake from stockists and traders as well as subdued local buying interest despite of positive global cues
Mumbai: Gold prices slipped at the domestic bullion market on Thursday on lower offtake from stockists and traders as well as subdued local buying interest despite of positive global cues. Silver also dropped on the back of reduced industrial demand.
Standard gold (99.5 purity) declined by Rs65 to close at Rs30,125 per 10 grams from Wednesday’s closing level of Rs30,190. Pure gold (99.9 purity) also went down by a similar margin to finish at Rs30,275 per 10 grams as against Rs30,340 previously. Silver (.999 fineness) dipped by Rs145 per kg to end at Rs40,740 against Wednesday’s level of Rs40,885.
Globally, gold clawed higher after President Donald Trump agreed a deal with opposition Democrats to temporarily extend the US debt limit, helping to weaken the dollar. Spot gold was up 0.5% at $1,339.79 per ounce at early trade, after easing 0.3% in the previous session. Among other metals, silver rose 0.3% to $17.88 an ounce.
Editor's Picks »
- With fall of the last dove, MPC minutes portend more than one RBI rate hike
- RITES IPO ticks the valuations box, but not the growth one
- Is Reliance Jio really India’s most profitable telecom firm?
- How US-China trade war will affect India
- Dear ICICI Bank board, giving a red card to Chanda Kochhar is not enough