Gold prices decline on subdued demand

Mumbai-India (Dec 22)  Gold prices declined further at the domestic bullion market on Thursday due to subdued demand from jewellery stockists and retailers.

Silver slipped owing to speculative selling coupled with reduced industrial offtake. Standard gold (99.5 purity) fell by Rs70 to end at Rs27,270 per 10 grams from Wednesday’s level of Rs27,340.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs27,420 per 10 grams against Rs 27,490 earlier. Silver (.999 fineness) dropped by Rs385 per kg to conclude at Rs39,265 compared to Rs39,650 on Wednesday.

Globally, gold was trading steady as dollar slipped and market participants waited for US economic data due later in the day. Spot gold was little changed at $1,131.17 an ounce in early trade, while US gold futures were down at $1,132.40 an ounce.

Silver slipped 0.6% to $15.84 an ounce.

Source: LiveMint