Gold prices soften on muted demand

Mumbai-India (Feb 9)  Gold prices eased by Rs15 per 10 grams on Thursday owing to slackened demand from investors and stockists.

Silver too drifted lower by Rs95 per kg due to subdued offtake from consuming industries. Standard gold eased by Rs15 to close at Rs29,405 per 10 grams from Wednesday’s level of Rs29,420.

Pure gold also moved down by a similar margin to finish at Rs29,555 per 10 grams as against Rs29,570 earlier. Silver moved down by Rs95 per kg to conclude at Rs42,650 as against Rs42,745 on Wednesday.

Globally, gold declined, while holding near 3-month highs as political risks from elections in Europe and worries over US President Donald Trump’s policies buoyed safe haven demand for the bullion. Spot gold eased 0.1% to $1,240 per ounce at early trade.

On Wednesday, the metal touched its highest since 11 November at $1,244.67.

Spot silver fell 0.3% to $17.72 an ounce after hitting its best since 11 November at $17.86 in the previous session.

Source: LiveMint