Gold declines on stockists selling amid weak overseas trend
Mumbai: Gold prices declined at the domestic bullion market here today due to modest profit-taking by stockists and retail investors in the midst of lacklustre global sentiment.
Silver also plunged sharply following heavy unwinding from speculative traders amid subdued industrial demand. Standard gold (99.5 purity) fell by Rs 80 to conclude at Rs 27,860 per 10 grams from Thursday's level of Rs 27,940. Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 28,010 per 10 grams as compared to Rs 28,090.
Silver (.999 fineness) slumped by Rs 490 to finish at Rs 43,165 per kg against Rs 43,655 previously. On the global front, the yellow-metal retreated after three straight session rally on the back positive US macro data amid speculation that the Federal Reserve will further reduce its gold-friendly monetary stimulus measures earlier than expected.
Gold for December delivery moved down to USD 1,286.00 an ounce on the Comex division of the NYMEX late yesterday, while silver softened to USD 19.44 an ounce.