Gold falls on poor offtake; silver almost flat

Mumbai-India (Dec 15)  Gold prices declined modestly on the domestic bullion market today due to reduced demand from jewellers and retailers amid lack of local buying support at existing levels.

 Elsewhere, silver also edged lower owing to sluggish industrial demand.

 Standard gold (99.5 purity) slipped by Rs 20 to end at Rs 26,940 per 10 grams as compared to last Saturday's closing level of Rs 26,960.

Pure gold (99.9 purity) also slid by a similar margin to settle at Rs 27,090 per 10 grams from Rs 27,110.

 Silver (.999 fineness) eased by Rs 5 to finish at Rs 38,605 per kg as against Rs 38,610 last weekend.

 On the global front, the yellow-metal slumped nearly one per cent on stronger dollar amid investors' caution ahead of Federal Reserve meet outcome later this week.

 Spot gold was trading lower at USD 1,212 an ounce in early European trading, while silver eased to USD 16.87 an ounce.

Source: BusinessStandard.in