Gold price softens on muted demand, silver extends gains

New Delhi-India (July 13)  Gold prices eased by Rs 5 per ten grams at the bullion market today due to muted demand from jewellers and retailers, even as the metal strengthened overseas.

However, silver maintained its rising trend and firmed up by Rs 55 per kg on increased offtake by industrial units.

Standard gold (99.5 purity) declined by Rs 5 to close at Rs 27,890 per 10 grams from Wednesday's finish of Rs 27,895.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 28,040 per 10 grams as compared to Rs 28,045 yesterday.

Silver (.999 fineness) rose by Rs 55 to end at Rs 36,915 from Rs 36,860 earlier.

Globally, Gold edged higher on a weaker dollar and lower US yields, with investors wagering that policy tightening in the United States would be glacial at best, though gains were capped by surging global stock markets.

Spot gold rose 0.2 per cent to USD 1,222.15 an ounce at early trade, having hit its lowest in nearly fourth months at USD 1,204.45 earlier in the week.

Source: DNA