Gold prices fall on slackened demand
Mumbai: Gold prices eased by Rs 75 per 10 gram at the bullion market on Thursday, owing to slackened demand from jewellers and customers at the prevailing levels.
Silver also dropped due to reduced offtake by industrial users. Standard gold (99.5 purity) declined by Rs 75 to end at Rs29,275 per 10 gram from yesterday’s level of Rs29,350.
Pure gold (99.9 purity) also moved down to close at Rs29,425 per 10 gram as compared to Rs29,500. Silver (.999 fineness) fell by Rs110 per kg to finish at Rs42,445 from Rs42,555 on Wednesday.
Globally, gold remained steady after its biggest one-day drop in over six weeks, finding support from a retreat in the dollar and concerns about the North Korea and the French elections.
Spot gold was at $1,278.26 an ounce at early trade, little changed from $1,278.91 late on Wednesday. Silver was 0.6% higher at $18.187.